Solar Panel Cost Guide in Peoria City, IL (2023 Update)
- Peoria City Solar Installation Cost: $12,192
- 25-Year Savings: $7,638
- Payback Period: 15.4 Years
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Updated May 04, 2023
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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 2.73 per watt. Since a 6.4-kW system is needed to cover the energy consumption of a typical home in Peoria City, the average price of going solar will be about $12,192 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. 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 see your potential savings and connect with a local solar installer, 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 panel installer since trying to install solar panels on your own can be a lot of work. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Peoria City:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Peoria City
Factors that Affect Solar Panel Costs in Peoria City
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Peoria City: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
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 uses, the larger your system will likely need to be. You can expect to spend about $2,730 per kilowatt in Peoria City. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Peoria City average.
Solar Financing Terms
Most solar installers in Peoria City provide solar loans, which reduce your upfront costs of installing solar. While solar loans make adopting solar energy more accessible for Peoria City homeowners, they can also raise 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 avoid paying as much in interest.
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 hire to install your PV system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services for different budgets. 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 walking you through the whole process. Even if they cost more upfront, they could help you save 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 |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which company you should go with, since different companies have different panels.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Peoria City, IL Solar Cost FAQs
What is the average cost of installing solar panels in Peoria City?
The average cost of solar panels in Peoria City is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production 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.