Solar Panel Cost Guide in East Peoria, IL (2023 Update)
- East Peoria Solar Installation Cost: $12,161
- 25-Year Savings: $7,669
- Payback Period: 15.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in East Peoria
Find out what the average cost of a solar system is in East Peoria.
The average cost of solar panels in East Peoria is 2.73 per watt. The average solar panel system size in East Peoria is around 6.4 kilowatts, meaning a cost of about $12,154 for a solar installation, or $17,380 before the 30% federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will vary based on your specific situation and what company you want to go with. With typical savings of about $12,000 on electricity bills over 20 years, many homeowners in East Peoria find investing in solar can be quite rewarding.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in East Peoria
| Year | Return on Investment |
|---|---|
| 1 years | $-12,095 |
| 3 years | $-11,963 |
| 5 years | $-11,830 |
| 7 years | $-11,698 |
| 9 years | $-11,566 |
| 11 years | $-11,434 |
| 13 years | $-11,302 |
| 15 years | $-11,169 |
| 17 years | $-11,037 |
| 19 years | $-10,905 |
| 21 years | $-10,773 |
| 23 years | $-10,641 |
| 25 years | $-10,508 |
Top Solar Installers in East Peoria
When switching to solar energy, many homeowners prefer to hire a solar installer since handling can be a difficult project. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 East Peoria
Factors that Affect Solar Panel Costs in East Peoria
Although the average cost of a solar system in East Peoria is $12,154, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar energy system in East Peoria, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the East Peoria average.
Solar Financing Terms
Many homeowners find the average cost of solar in East Peoria to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest. 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in East Peoria is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different costs. The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $6,772 | 15.9 years |
| 8 kW | $2.78 | $15,594 | $9,336 | 15.6 years |
| 10 kW | $2.73 | $19,110 | $12,052 | 15.3 years |
| 12 kW | $2.68 | $22,473 | $14,921 | 15.0 years |
| 14 kW | $2.62 | $25,684 | $17,943 | 14.7 years |
| 16 kW | $2.57 | $28,741 | $21,117 | 14.4 years |
| 18 kW | $2.51 | $31,646 | $24,445 | 14.1 years |
| 20 kW | $2.46 | $34,398 | $27,925 | 13.8 years |
How to Save on Solar Panels
The company that does your solar 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 difficult, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 installer, such as what permits you should acquire and what the project timeline is.
- Contract: Review the contract terms carefully to make sure you understand the total cost, completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's East Peoria, IL Solar Cost FAQs
What is the average cost of installing solar panels in East Peoria?
This is a tough 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, 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 East Peoria?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How will having solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in East Peoria is currently $151,620, which means you can expect a value of about $6,216 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in East Peoria is a rewarding investment.
How often do you have to replace solar panels?
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 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.