Solar Panel Cost Guide in East Peoria, IL (2024 Update)
- East Peoria Solar Installation Cost: $16,749
- 25-Year Savings: $7,669
- Payback Period: 21.1 Years
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Average Cost of Solar Panels in East Peoria
We go over average solar pricing in East Peoria.
In East Peoria, solar panels cost about 4 per watt on average.Using this figure, a typical 6.4-kW system would cost about $16,749 before the 0 federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you may vary based on your energy needs and what company you want to go with.Many homeowners find going solar is a sound investment. The average homeowner in East Peoria can save about $12,000 on their energy bills over 20 years.
To get a free estimate from a vetted solar installation company in East Peoria, you can click the button below.
Solar savings over time in East Peoria
| Year | Return on Investment |
|---|---|
| 1 years | $-15,898 |
| 3 years | $-14,197 |
| 5 years | $-12,496 |
| 7 years | $-10,795 |
| 9 years | $-9,093 |
| 11 years | $-7,392 |
| 13 years | $-5,691 |
| 15 years | $-3,989 |
| 17 years | $-2,288 |
| 19 years | $-587 |
| 21 years | $1,115 |
| 23 years | $2,816 |
| 25 years | $4,517 |
Top Solar Installers in East Peoria
When making the switch to solar, many homeowners prefer to use a solar installer since putting up solar panels yourself can be a time-consuming project. Another advantage of using a solar installer is that they can help you make the most of your ROI by lowering your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you're searching for a solar installer in East Peoria, the EcoWatch team has 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 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 East Peoria
Factors that Affect Solar Panel Costs in East Peoria
For many East Peoria homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in East Peoria, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over 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 power your household uses, the larger your system will likely need to be. You can expect to spend around $3,760 per kilowatt in East Peoria.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like East Peoria, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in East Peoria have solar loans, which reduce your upfront costs of installing solar.While solar loans make switching to solar energy more accessible for East Peoria homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in East Peoria, you’ll have many options to choose from, but each comes at different price points for labor and equipment.The company’s size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $2,273 | 22.0 years |
| 8 kW | $3.84 | $21,477 | $3,452 | 21.5 years |
| 10 kW | $3.76 | $26,320 | $4,842 | 21.1 years |
| 12 kW | $3.68 | $30,952 | $6,442 | 20.7 years |
| 14 kW | $3.61 | $35,374 | $8,252 | 20.3 years |
| 16 kW | $3.53 | $39,585 | $10,273 | 19.8 years |
| 18 kW | $3.46 | $43,586 | $12,505 | 19.4 years |
| 20 kW | $3.38 | $47,376 | $14,947 | 19.0 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 picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
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 East Peoria, IL Solar Cost FAQs
How much does it cost to install solar panels in East Peoria?
The average cost of solar panels in East Peoria 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 things such as the type 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 East Peoria?
Leasing solar panels can be an appealing choice, as 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 way to go if you want to get the most savings.
How will installing solar panels impact the value of my home?
Buying or financing solar panels for 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 $149,925, so you can expect a value of about $6,147 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 worthwhile investment.
How long do solar panels last in East Peoria?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having 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.