Solar Panel Cost Guide in Pekin, IL (2024 Update)
- Pekin Solar Installation Cost: $16,774
- 25-Year Savings: $7,652
- Payback Period: 21.1 Years
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Average Cost of Solar Panels in Pekin
We break down average solar pricing in Pekin.
While the national average of solar panels is $2.66 per watt, solar panels in Pekin generally cost about 4.Because a 6.4-kW system is needed to cover the energy consumption of a typical home in Pekin, the average price of going solar will be about $16,774 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy consumption and what installation company you go with.With typical savings of about $12,000 on electricity bills over 20 years, many homeowners in Pekin find going solar can pay off big.
You can click the button below to get connected with a top solar installer in Pekin for a quote for your home.
Solar savings over time in Pekin
Year | Return on Investment |
---|---|
1 years | $-15,923 |
3 years | $-14,222 |
5 years | $-12,520 |
7 years | $-10,819 |
9 years | $-9,118 |
11 years | $-7,416 |
13 years | $-5,715 |
15 years | $-4,014 |
17 years | $-2,313 |
19 years | $-611 |
21 years | $1,090 |
23 years | $2,791 |
25 years | $4,493 |
Top Solar Installers in Pekin
Putting up solar panels yourself can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over time.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Pekin
Factors that Affect Solar Panel Costs in Pekin
Although the average cost of a solar system in Pekin is $16,774, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation use 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 $3,760.There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Pekin to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only 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 securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Pekin is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different price points.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $2,246 | 22.0 years |
8 kW | $3.84 | $21,477 | $3,416 | 21.6 years |
10 kW | $3.76 | $26,320 | $4,796 | 21.1 years |
12 kW | $3.68 | $30,952 | $6,387 | 20.7 years |
14 kW | $3.61 | $35,374 | $8,189 | 20.3 years |
16 kW | $3.53 | $39,585 | $10,201 | 19.9 years |
18 kW | $3.46 | $43,586 | $12,423 | 19.5 years |
20 kW | $3.38 | $47,376 | $14,856 | 19.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as 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
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 Pekin, IL Solar Cost FAQs
What is the average cost of installing solar panels in Pekin?
This is a hard question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Pekin?
You can’t get solar panels for free in Pekin. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Pekin, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Pekin?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.