Solar Panel Cost Guide in Pana, IL (2024 Update)
- Pana Solar Installation Cost: $16,430
- 25-Year Savings: $15,109
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Pana
Find out how much it might cost to go solar in Pana.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Pana, the typical cost of solar panels is 4 per watt.To cover the typical energy needs of the average home in Pana, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $16,430, or $23,495 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more.Despite the high initial cost, the average Pana homeowner can save around $16,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in Pana
| Year | Return on Investment |
|---|---|
| 1 years | $-15,580 |
| 3 years | $-13,878 |
| 5 years | $-12,177 |
| 7 years | $-10,476 |
| 9 years | $-8,775 |
| 11 years | $-7,073 |
| 13 years | $-5,372 |
| 15 years | $-3,671 |
| 17 years | $-1,969 |
| 19 years | $-268 |
| 21 years | $1,433 |
| 23 years | $3,135 |
| 25 years | $4,836 |
Top Solar Installers in Pana
Many homeowners choose to use a solar panel installer since installing solar panels on your own can be time-consuming. Another upside of using a solar installer is that they can help you make the most of your ROI by cutting back on future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
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 Pana
Factors that Affect Solar Panel Costs in Pana
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 Pana: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of solar panels in Pana, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $3,760 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Pana, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Pana, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Pana have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.91 | $16,424 | $9,564 | 15.8 years |
| 8 kW | $3.84 | $21,477 | $13,173 | 15.5 years |
| 10 kW | $3.76 | $26,320 | $16,993 | 15.2 years |
| 12 kW | $3.68 | $30,952 | $21,023 | 14.9 years |
| 14 kW | $3.61 | $35,374 | $25,263 | 14.6 years |
| 16 kW | $3.53 | $39,585 | $29,715 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,377 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $39,249 | 13.7 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. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
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 Pana, IL Solar Cost FAQs
How much does it cost to install solar panels in Pana?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Pana?
You can’t get solar panels for free in Pana. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Pana?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Pana?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.