Solar Panel Cost Guide in Peoria, IL (2024 Update)

  • Peoria Solar Installation Cost: $16,798
  • 25-Year Savings: $7,634
  • Payback Period: 21.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Peoria

We go over average solar pricing in Peoria.

Although the national average of solar panels is $2.66 per watt, solar panels in Peoria generally cost about 4.To account for the typical energy needs of the average home in Peoria, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,798, or $24,021 before the federal solar tax credit of 0 is applied.

The actual price you pay can go above or below the average in Peoria based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.Despite the large upfront cost, the average Peoria homeowner can save around $12,000 on their energy bills over 20 years, which is one of the advantages of solar.

To get a free quote from a pre-vetted solar installer in Peoria, you can click the button below.

Solar savings over time in Peoria

Year Return on Investment
1 years $-15,947
3 years $-14,246
5 years $-12,545
7 years $-10,844
9 years $-9,142
11 years $-7,441
13 years $-5,740
15 years $-4,038
17 years $-2,337
19 years $-636
21 years $1,065
23 years $2,767
25 years $4,468

Top Solar Installers in Peoria

When switching to solar energy, many homeowners prefer to go with a solar installation company since handling can be a difficult project. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.

If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Peoria

Factors that Affect Solar Panel Costs in Peoria

There are many criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

When it comes to estimating the price of a solar panel system in Peoria, one of the most crucial 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 usage, which you can figure out by looking at past power bills. Your total cost can increase by around $3,760 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just 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 Peoria to be too costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.

Solar Panel Installation Company

Lastly, the company you hire to install your solar panels can impact the cost. Peoria’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.

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 $2,219 22.0 years
8 kW $3.84 $21,477 $3,379 21.6 years
10 kW $3.76 $26,320 $4,751 21.2 years
12 kW $3.68 $30,952 $6,332 20.8 years
14 kW $3.61 $35,374 $8,125 20.3 years
16 kW $3.53 $39,585 $10,128 19.9 years
18 kW $3.46 $43,586 $12,341 19.5 years
20 kW $3.38 $47,376 $14,765 19.1 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 find the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Different companies offer different brands and types of panels. If you want a specific brand, make sure the solar company you’re considering has it.
  • Contract: Though reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Peoria, IL Solar Cost FAQs

How much does it cost to install solar panels in Peoria?

This is a tough question to answer exactly, because the cost depends on a variety of 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Are solar panels free in Peoria?

A solar panel system isn’t free in Peoria, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.

Can solar panels significantly reduce my electricity bills?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Peoria, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.

How many solar panels should I get to power 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 take a 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 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.

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