Solar Panel Cost Guide in Coloma, IL (2024 Update)
- Coloma Solar Installation Cost: $17,039
- 25-Year Savings: $10,241
- Payback Period: 18.8 Years
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Average Cost of Solar Panels in Coloma
We break down average solar pricing in Coloma.
The average cost of solar panels in Coloma is 4 per watt.The average solar panel system size in Coloma is around 6.5 kilowatts, meaning a cost of about $17,039 for a solar installation, or $24,366 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Coloma homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in Coloma can save around $13,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Coloma
| Year | Return on Investment |
|---|---|
| 1 years | $-15,882 |
| 3 years | $-13,570 |
| 5 years | $-11,258 |
| 7 years | $-8,945 |
| 9 years | $-6,633 |
| 11 years | $-4,321 |
| 13 years | $-2,008 |
| 15 years | $304 |
| 17 years | $2,616 |
| 19 years | $4,929 |
| 21 years | $7,241 |
| 23 years | $9,554 |
| 25 years | $11,866 |
Top Solar Installers in Coloma
Although it's possible to install solar panels by yourself, it involves extra energy and expertise. That's why the majority of homeowners choose to go with a solar panel installer. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Coloma
Factors that Affect Solar Panel Costs in Coloma
The cost of installing a solar system in Coloma can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The kind of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Coloma, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $4,534 | 19.6 years |
| 8 kW | $3.84 | $21,477 | $6,466 | 19.2 years |
| 10 kW | $3.76 | $26,320 | $8,609 | 18.8 years |
| 12 kW | $3.68 | $30,952 | $10,962 | 18.5 years |
| 14 kW | $3.61 | $35,374 | $13,526 | 18.1 years |
| 16 kW | $3.53 | $39,585 | $16,301 | 17.7 years |
| 18 kW | $3.46 | $43,586 | $19,286 | 17.3 years |
| 20 kW | $3.38 | $47,376 | $22,481 | 17.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Coloma, IL Solar Cost FAQs
How much does it cost to install solar panels in Coloma?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Coloma?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Coloma have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Coloma?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.