Solar Panel Cost Guide in Pana, IL (2023 Update)
- Pana Solar Installation Cost: $11,925
- 25-Year Savings: $15,114
- Payback Period: 11.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Pana
We break down average solar pricing in Pana.
Although the national average of solar panels is $2.66 per watt, solar panels in Pana generally cost around 2.73. The average solar panel system size in Pana is around 6.2 kilowatts, meaning a cost of about $11,925 for a solar installation, or $17,053 before the 30% federal solar tax credit is applied.
The actual price you pay can go above or below the average in Pana depending on several factors, such as the model of solar panels you choose and the solar installer you hire. Even with the significant initial cost, the average Pana homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To receive a free quote from a vetted solar installer in Pana, you can click the button below.
Solar savings over time in Pana
| Year | Return on Investment |
|---|---|
| 1 years | $-10,843 |
| 3 years | $-8,680 |
| 5 years | $-6,517 |
| 7 years | $-4,354 |
| 9 years | $-2,191 |
| 11 years | $-28 |
| 13 years | $2,135 |
| 15 years | $4,298 |
| 17 years | $6,461 |
| 19 years | $8,624 |
| 21 years | $10,787 |
| 23 years | $12,951 |
| 25 years | $15,114 |
Top Solar Installers in Pana
Although it's possible to install solar panels on your own, it involves extra time and know-how. That's why the majority of homeowners choose to go with a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar panel company to go with, here are our recommendations for providers in Pana:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Pana
Factors that Affect Solar Panel Costs in Pana
While the average cost of a solar system in Pana is $11,925, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. The brand of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than 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 looking for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Pana, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, 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 factor to consider when trying to evaluate the cost of solar for your home or business in Pana is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Pana are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $14,063 | 11.5 years |
| 8 kW | $2.78 | $15,594 | $19,056 | 11.3 years |
| 10 kW | $2.73 | $19,110 | $24,203 | 11.0 years |
| 12 kW | $2.68 | $22,473 | $29,502 | 10.8 years |
| 14 kW | $2.62 | $25,684 | $34,954 | 10.6 years |
| 16 kW | $2.57 | $28,741 | $40,559 | 10.4 years |
| 18 kW | $2.51 | $31,646 | $46,316 | 10.1 years |
| 20 kW | $2.46 | $34,398 | $52,227 | 9.9 years |
How to Save on Solar Panels
The solar panel company you go with will impact 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 some important things you should keep in mind, such as:
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: The brand of solar panel you'd like plays a part in which installer you should choose, since different companies offer different panels.
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Pana, IL Solar Cost FAQs
What is the average cost of installing solar panels in Pana?
The average cost of solar panels in Pana is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Pana?
Leasing solar panels can be an attractive choice, as it usually 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.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $866.25 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.