Solar Panel Cost Guide in Coloma, IL (2023 Update)
- Coloma Solar Installation Cost: $12,364
- 25-Year Savings: $10,248
- Payback Period: 13.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Coloma
Find out how much it might cost to switch to solar power in Coloma.
While the national average of solar panels is $2.66 per watt, solar panels in Coloma typically cost around 2.73. Using this figure, a typical 6.5-kW system would cost about $12,364 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average Coloma homeowners see about $13,000 in savings on electricity bills over 20 years.
To get a free quote from a vetted solar installation company in Coloma, you can click the button below.
Solar savings over time in Coloma
| Year | Return on Investment |
|---|---|
| 1 years | $-11,460 |
| 3 years | $-9,651 |
| 5 years | $-7,842 |
| 7 years | $-6,033 |
| 9 years | $-4,224 |
| 11 years | $-2,415 |
| 13 years | $-606 |
| 15 years | $1,203 |
| 17 years | $3,012 |
| 19 years | $4,821 |
| 21 years | $6,630 |
| 23 years | $8,439 |
| 25 years | $10,248 |
Top Solar Installers in Coloma
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using a solar company can make switching to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Coloma
Factors that Affect Solar Panel Costs in Coloma
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Coloma: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the amount of 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 APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Coloma, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $2.84 | $11,925 | $9,033 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,349 | 14.0 years |
| 10 kW | $2.73 | $19,110 | $15,819 | 13.7 years |
| 12 kW | $2.68 | $22,473 | $19,441 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,216 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,144 | 12.9 years |
| 18 kW | $2.51 | $31,646 | $31,225 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,459 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Coloma, IL Solar Cost FAQs
How much does it cost to install solar panels in Coloma?
The average cost of solar panels in Coloma is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Coloma?
Solar panels aren't free in Coloma, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Coloma?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.