Solar Panel Cost Guide in Colona, IL (2024 Update)
- Colona Solar Installation Cost: $16,922
- 25-Year Savings: $8,074
- Payback Period: 20.8 Years
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Average Cost of Solar Panels in Colona
Let’s take a look at the average cost of solar in Colona.
Although the national average of solar panels is $2.66 per watt, solar panels in Colona generally cost around 4.Since a 6.4-kW system is needed to cover the energy costs of a typical home in Colona, the average price of going solar will be about $16,922 after claiming the federal solar tax credit of 0.
The true cost of your system can go higher or lower than the average in Colona depending on a few factors, such as the model of solar panels you choose and the solar installer you hire.Despite the significant upfront cost, the average Colona homeowner can save around $12,000 on their power bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar installer in Colona that can help you get a more accurate cost estimate for your home.
Solar savings over time in Colona
| Year | Return on Investment |
|---|---|
| 1 years | $-15,976 |
| 3 years | $-14,084 |
| 5 years | $-12,191 |
| 7 years | $-10,299 |
| 9 years | $-8,407 |
| 11 years | $-6,515 |
| 13 years | $-4,623 |
| 15 years | $-2,731 |
| 17 years | $-839 |
| 19 years | $1,053 |
| 21 years | $2,945 |
| 23 years | $4,838 |
| 25 years | $6,730 |
Top Solar Installers in Colona
Trying to put up solar panels on your own can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Solar warranties and repairs are often included in the cost of installation when you opt for a solar contractor too, which can save you more money after your upfront investment.
If you’d like to switch to solar energy but still aren’t sure which solar panel company to go with, here are our suggestions for providers in Colona:
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 Colona
Factors that Affect Solar Panel Costs in Colona
While the average cost of a solar system in Colona is $16,922, your final cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of solar panels in Colona, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by about $3,760 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Colona average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular route because they cut back your upfront costs and allow you to 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 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 principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you pick will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $2,577 | 21.6 years |
| 8 kW | $3.84 | $21,477 | $3,857 | 21.2 years |
| 10 kW | $3.76 | $26,320 | $5,348 | 20.8 years |
| 12 kW | $3.68 | $30,952 | $7,050 | 20.4 years |
| 14 kW | $3.61 | $35,374 | $8,961 | 19.9 years |
| 16 kW | $3.53 | $39,585 | $11,084 | 19.5 years |
| 18 kW | $3.46 | $43,586 | $13,417 | 19.1 years |
| 20 kW | $3.38 | $47,376 | $15,961 | 18.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you need to install plays a part in which installer you should go with, since different companies have different panels.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 Colona, IL Solar Cost FAQs
What is the average cost of installing solar panels in Colona?
The average cost of solar panels in Colona is about $18,800 for a 5-kW system and $37,600 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 consume.
Is it better to lease or buy solar panels in Colona?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 savings from going solar.
Can you sell solar power back to the grid in Colona?
Most states have net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future electricity 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 Colona?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.