Solar Panel Cost Guide in East Peoria, IL (Jan 2023)

  • East Peoria Solar Installation Cost: $12,154
  • 25-Year Savings: $7,676
  • Payback Period: 15.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in East Peoria

We go over average solar pricing in East Peoria.

The national average cost of solar panels is $2.66 per watt, but in East Peoria it's $3 per watt. To account for the typical energy usage of the average home in East Peoria, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,154, or $8,994 after the federal solar tax credit of 30% is applied.

These figures are just estimates, and your own solar costs will most likely differ based on your energy needs and what company you choose to go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $12,000 over 20 years on energy bills.

Click the button below to get connected to a reputable solar company in your area for a customized quote.

Solar savings over time in East Peoria

Year Return on Investment
1 years $-11,361
3 years $-9,774
5 years $-8,188
7 years $-6,601
9 years $-5,015
11 years $-3,429
13 years $-1,842
15 years $-256
17 years $1,331
19 years $2,917
21 years $4,503
23 years $6,090
25 years $7,676

Top Solar Installers in East Peoria

Many homeowners choose to use a solar panel company since figuring out how to install solar panels on your own can be hard. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.

Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 East Peoria

Factors that Affect Solar Panel Costs in East Peoria

Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in East Peoria: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Most solar companies in East Peoria have solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your total costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.

Solar Panel Installation Company

Finally, the company you get to install your solar panel system can influence the cost. East Peoria's solar companies all have different labor costs and add varying upcharges to equipment. 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 find a company that offers the products, warranties and services you're looking for and also fit into 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 $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 system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:

  • Installation Process: When going solar, it's necessary to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the completion timeline.
  • Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 East Peoria, IL Solar Cost FAQs

How much does it cost to install solar panels in East Peoria?

This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in East Peoria?

Leasing solar panels can be an option if you are unable to pay upfront or secure 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 solar panels significantly reduce my energy bills?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout East Peoria, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How often do you have to replace solar panels?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.

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.

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