Solar Panel Cost Guide in Pekin, IL (2023 Update)
- Pekin Solar Installation Cost: $12,179
- 25-Year Savings: $7,652
- Payback Period: 15.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pekin
Find out how much it might cost to install solar panels in Pekin.
The average cost of a solar system in Pekin is 2.73 per watt. Since a 6.4-kW system is needed to cover the energy needs of a typical home in Pekin, the average price of going solar will be about $12,173 after claiming the federal solar tax credit of 30%.
These figures are just averages, and your own solar costs may vary based on factors unique to your home and what company you choose to go with. Even with the high upfront cost, the average Pekin homeowner can save about $12,000 on their power bills over 20 years, which is one of the benefits of solar.
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 | $-11,328 |
| 3 years | $-9,627 |
| 5 years | $-7,925 |
| 7 years | $-6,224 |
| 9 years | $-4,523 |
| 11 years | $-2,822 |
| 13 years | $-1,120 |
| 15 years | $581 |
| 17 years | $2,282 |
| 19 years | $3,984 |
| 21 years | $5,685 |
| 23 years | $7,386 |
| 25 years | $9,087 |
Top Solar Installers in Pekin
Installing solar panels by yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you choose which one will be best for your family.
If you're searching for a solar installer in Pekin, the EcoWatch team has compiled a list of our top suggestions here:
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 Pekin
Factors that Affect Solar Panel Costs in Pekin
For many Pekin homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Pekin, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Pekin, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Pekin, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Pekin is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services at different costs. Additionally, some companies in Pekin know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $2.84 | $11,925 | $6,745 | 16.0 years |
| 8 kW | $2.78 | $15,594 | $9,299 | 15.7 years |
| 10 kW | $2.73 | $19,110 | $12,006 | 15.4 years |
| 12 kW | $2.68 | $22,473 | $14,866 | 15.0 years |
| 14 kW | $2.62 | $25,684 | $17,879 | 14.7 years |
| 16 kW | $2.57 | $28,741 | $21,044 | 14.4 years |
| 18 kW | $2.51 | $31,646 | $24,363 | 14.1 years |
| 20 kW | $2.46 | $34,398 | $27,834 | 13.8 years |
How to Save on Solar Panels
There are many companies available in Pekin, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which model 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 peruse their list of options before making your decision.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When reading 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 the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Pekin, IL Solar Cost FAQs
How much does it cost to install solar panels in Pekin?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Pekin?
A solar panel system isn't free in Pekin, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Pekin have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 get between 20 and 35 panels to cover 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.