Solar Panel Cost Guide in Peoria City, IL (2025 Update)
- Peoria City Solar Installation Cost: $16,798
- 25-Year Savings: $7,634
- Payback Period: 21.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Peoria City
We go over average solar pricing in Peoria City.
In Peoria City, solar panels cost about 4 per watt on average.The average Peoria City homeowner needs a 6.4-kilowatt system, which would cost about $16,798 with the federal tax credit, or $24,021 before the 0 tax credit is applied.
These figures are just averages, and how much solar costs for you will differ based on your energy needs and what company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $12,000 in savings on energy bills over 20 years.
To get a free quote from a vetted solar installation company in Peoria City, you can click the button below.
Solar savings over time in Peoria City
| 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 City
When switching to solar energy, many homeowners prefer to use a solar installation company since installing solar panels yourself can be a time-consuming project. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
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
See all of the solar companies in Peoria City
Factors that Affect Solar Panel Costs in Peoria City
Although the average cost of a solar system in Peoria City is $16,798, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar system in Peoria City, one of the most important 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 gauge by looking at past electricity bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Peoria City, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over five to seven years on average.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Peoria City is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger 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
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The type of solar panel you want plays a role in which installer you should choose, since different companies have different panels.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the completion timeline.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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
EcoWatch's Peoria City, IL Solar Cost FAQs
What is the average cost of installing solar panels in Peoria City?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Peoria City?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Peoria City is currently $115,649, which means you can expect a value of about $4,742 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Peoria City is a rewarding investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.