Solar Panel Cost Guide in Colona, IL (2023 Update)
- Colona Solar Installation Cost: $12,286
- 25-Year Savings: $8,074
- Payback Period: 15.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Colona
Find out what the average cost of solar panels are in Colona.
The average cost of a solar panel system in Colona is 2.73 per watt. The average Colona homeowner needs a 6.4-kilowatt system, which would cost about $12,288 with the federal tax credit, or $17,572 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will look different based on the amount of energy your home requires and what company you go with. Many homeowners find installing a solar system is a sound investment. The average homeowner in Colona can save around $12,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Colona
| Year | Return on Investment |
|---|---|
| 1 years | $-11,340 |
| 3 years | $-9,448 |
| 5 years | $-7,556 |
| 7 years | $-5,664 |
| 9 years | $-3,772 |
| 11 years | $-1,880 |
| 13 years | $13 |
| 15 years | $1,905 |
| 17 years | $3,797 |
| 19 years | $5,689 |
| 21 years | $7,581 |
| 23 years | $9,473 |
| 25 years | $11,365 |
Top Solar Installers in Colona
When switching to solar energy, many homeowners prefer to go with a solar company since overseeing your solar installation yourself can be a challenging project. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you're searching for a solar installer in Colona, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Colona
Factors that Affect Solar Panel Costs in Colona
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Colona: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Colona. There are a lot of different solar panel brands and the one you choose also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your overall costs, so it's vital to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Colona is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Colona have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,076 | 15.7 years |
| 8 kW | $2.78 | $15,594 | $9,741 | 15.4 years |
| 10 kW | $2.73 | $19,110 | $12,558 | 15.1 years |
| 12 kW | $2.68 | $22,473 | $15,529 | 14.8 years |
| 14 kW | $2.62 | $25,684 | $18,652 | 14.5 years |
| 16 kW | $2.57 | $28,741 | $21,928 | 14.2 years |
| 18 kW | $2.51 | $31,646 | $25,357 | 13.9 years |
| 20 kW | $2.46 | $34,398 | $28,939 | 13.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Colona, IL Solar Cost FAQs
What is the average cost of installing solar panels in Colona?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Colona?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
Is switching to solar power worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 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.