Solar Panel Cost Guide in Peoria City, IL (Oct 2022)

  • Peoria City Solar Installation Cost: $12,192
  • 25-Year Savings: $7,638
  • Payback Period: 15.4 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Peoria City

Let's take a look at the average cost of solar panels in Peoria City.

The average cost of solar panels in Peoria City is $3 per watt. To account for the typical energy needs of the average home in Peoria City, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,192, or $9,022 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average Peoria City homeowners see about $12,000 in savings on utility bills over 20 years.

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

Solar savings over time in Peoria City

Year Return on Investment
1 years $-11,399
3 years $-9,813
5 years $-8,226
7 years $-6,640
9 years $-5,053
11 years $-3,467
13 years $-1,880
15 years $-294
17 years $1,292
19 years $2,879
21 years $4,465
23 years $6,052
25 years $7,638

Top Solar Installers in Peoria City

Many homeowners opt for a solar installer since trying to put up solar panels by yourself can be a labor-intensive endeavor. Since solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.

If you'd like to make the switch to solar but still aren't sure which solar system installer to go with, here are our recommendations for providers in Peoria City:

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 (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Peoria City

Factors that Affect Solar Panel Costs in Peoria City

There are several criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment Size

Size is one of the largest factors that determines the overall cost of going solar. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Peoria City average.

Solar Financing Terms

If paying for a solar system in cash is out of reach, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. Even though solar loans make adopting solar energy more accessible for Peoria City homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar company you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Peoria City, and each can charge different amounts for labor and equipment. Additionally, some companies in Peoria City have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 $6,718 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

Solar Incentives in Peoria City

Name Special Assessment for Solar Energy Systems
Incentive Amount Varies
More Info Click here

Name Solar Renewable Energy Credits
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:

  • Solar Panel Brands: The kind of solar panel you'd like to get plays a role in which installer you should go with, since different companies provide different panels.
  • Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
  • Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
  • Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.

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 (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 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. 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. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Are solar panels free in Peoria City?

You can't get solar panels for free in Peoria City. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.

Can solar panels eliminate my power bills?

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

How long do solar panels last in Peoria City?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.

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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