Solar Panel Cost Guide in Peoria, IL (Jan 2023)
- Peoria Solar Installation Cost: $12,192
- 25-Year Savings: $7,638
- Payback Period: 15.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Top Solar Installers in Peoria
When going solar, many homeowners choose to use a solar company since handling can be a time-consuming project. Plus, if you're unsure what brand of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Peoria
Factors that Affect Solar Panel Costs in Peoria
Even though the average cost of a solar system in Peoria is $12,192, your final cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Peoria. The brand and kind 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 have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. 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 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 interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Peoria, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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||$6,718||16.0 years|
|8 kW||$2.78||$15,594||$9,263||15.7 years|
|10 kW||$2.73||$19,110||$11,961||15.4 years|
|12 kW||$2.68||$22,473||$14,811||15.1 years|
|14 kW||$2.62||$25,684||$17,815||14.8 years|
|16 kW||$2.57||$28,741||$20,972||14.5 years|
|18 kW||$2.51||$31,646||$24,281||14.1 years|
|20 kW||$2.46||$34,398||$27,743||13.8 years|
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
EcoWatch's Peoria, IL Solar Cost FAQs
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.