Solar Panel Cost Guide in Pekin, IL (Mar 2023)
- Pekin Solar Installation Cost: $12,173
- 25-Year Savings: $7,657
- Payback Period: 15.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Pekin
Let's have a look at the average cost of solar panels in Pekin.
In Pekin, solar panels cost about 2.73 per watt on average. To account for the typical energy usage of the average home in Pekin, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs around $12,173, or $17,407 before the federal solar tax credit of 30% is applied.
Keep in mind 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 system you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $12,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Pekin
| Year | Return on Investment |
|---|---|
| 1 years | $-11,380 |
| 3 years | $-9,793 |
| 5 years | $-8,207 |
| 7 years | $-6,621 |
| 9 years | $-5,034 |
| 11 years | $-3,448 |
| 13 years | $-1,861 |
| 15 years | $-275 |
| 17 years | $1,312 |
| 19 years | $2,898 |
| 21 years | $4,484 |
| 23 years | $6,071 |
| 25 years | $7,657 |
Top Solar Installers in Pekin
Although it's possible to install solar panels on your own, it requires extra labor and know-how. For that reason, almost all homeowners choose a solar panel installer. Plus, if you're unsure what kind of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Pekin
Factors that Affect Solar Panel Costs in Pekin
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Pekin: 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
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond 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
Most solar companies in Pekin provide solar loans, which reduce the initial cost of installing solar. You'll have to consider the long-term cost of financing options, 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 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 PV system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that has the products, warranties and services you're looking for and also fits within your budget.
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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
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 Pekin, IL Solar Cost FAQs
What is the average cost of installing solar panels in Pekin?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 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 above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Pekin?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is it worth going solar in Pekin?
Solar panels can be a beneficial 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 energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
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 larger 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.