Solar Panel Cost Guide in Colona, IL (2023 Update)
- Colona Solar Installation Cost: $12,288
- 25-Year Savings: $8,073
- Payback Period: 15.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Colona
We go over average solar pricing in Colona.
Although the national average of solar panels is $2.66 per watt, solar panels in Colona generally cost about 2.73. 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 your own solar costs will most likely differ based on factors unique to your home and what company you want to go with. Even with the large upfront cost, the average Colona homeowner can save around $12,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar company in your area for a customized quote.
Solar savings over time in Colona
| Year | Return on Investment |
|---|---|
| 1 years | $-11,473 |
| 3 years | $-9,844 |
| 5 years | $-8,216 |
| 7 years | $-6,587 |
| 9 years | $-4,958 |
| 11 years | $-3,329 |
| 13 years | $-1,700 |
| 15 years | $-72 |
| 17 years | $1,557 |
| 19 years | $3,186 |
| 21 years | $4,815 |
| 23 years | $6,444 |
| 25 years | $8,073 |
Top Solar Installers in Colona
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make converting to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you pick which one will be best for your home.
If you're on the hunt for a solar company in Colona, we've organized 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
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 Colona
Factors that Affect Solar Panel Costs in Colona
Though the average cost of a solar system in Colona is $12,288, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require 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 of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, 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 falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installation company you pick will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also fits within your budget.
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 solar installer you go with will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- 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.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
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 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.