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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

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.

In East Peoria, solar panels cost about 4 per watt on average.The average East Peoria homeowner needs a 6.4-kilowatt system, which would cost about $16,749 with the federal tax credit, or $23,951 before the 0 tax credit is applied.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you want, your solar contractor and more.For most homeowners, the upfront investment in solar panels is worth paying. On average East Peoria homeowners see about $12,000 in savings on utility bills over 20 years.

To calculate 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 $-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

Many homeowners opt for a solar installation company since figuring out how to install solar panels on your own can be a lot of work. Another advantage of using a solar installer is that they can help you maximize your ROI by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.

If you’d like to make the switch to solar but still aren’t certain which solar installer to go with, here are our recommendations for providers in East Peoria:

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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

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 adopt solar energy depends 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 few factors that considerably 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 going solar 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 $3,760 per kilowatt in East Peoria.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as 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 prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in East Peoria, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.

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

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
  • Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
  • Contract: Although reading through a contract can be tedious, 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: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's East Peoria, IL Solar Cost FAQs

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

This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with 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 attractive 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.

Do solar panels increase your property value?

Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."

How long do solar panels last in East Peoria?

Even 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 once you've had them for that long or you can keep using 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.

Follow us