Solar Panel Cost Guide in Pana, IL (2023 Update)
- Pana Solar Installation Cost: $11,929
- 25-Year Savings: $15,109
- Payback Period: 11.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pana
We go over average solar pricing in Pana.
The national average cost of solar panels is $2.66 per watt, but in Pana it's 2.73 per watt. 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.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Pana see about $16,000 in savings on utility bills over 20 years.
To receive a free quote from a pre-vetted solar installation company in Pana, you can click the button below.
Solar savings over time in Pana
| Year | Return on Investment |
|---|---|
| 1 years | $-11,079 |
| 3 years | $-9,378 |
| 5 years | $-7,676 |
| 7 years | $-5,975 |
| 9 years | $-4,274 |
| 11 years | $-2,572 |
| 13 years | $-871 |
| 15 years | $830 |
| 17 years | $2,532 |
| 19 years | $4,233 |
| 21 years | $5,934 |
| 23 years | $7,635 |
| 25 years | $9,337 |
Top Solar Installers in Pana
Putting up solar panels yourself can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers nearby:
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 Pana
Factors that Affect Solar Panel Costs in Pana
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Pana: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. 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 opt for 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 electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Pana average.
Solar Financing Terms
Many homeowners find the average cost of solar in Pana to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Pana, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though 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 make sure you ask for their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean 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.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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.