Solar Panel Cost Guide in Peoria Heights, IL (2024 Update)
- Peoria Heights Solar Installation Cost: $16,774
- 25-Year Savings: $7,652
- Payback Period: 21.1 Years
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Average Cost of Solar Panels in Peoria Heights
Find out what the average cost of solar panels are in Peoria Heights.
In Peoria Heights, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Peoria Heights, most homeowners require a 6.4-kilowatt system. Using the figure above, a solar installation costs about $16,774, or $23,987 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy consumption and what company you go with.Despite the high upfront cost, the average Peoria Heights homeowner can save about $12,000 on their energy bills over 20 years, which is one of the advantages of solar.
To receive a free quote from a vetted solar company in Peoria Heights, you can click the button below.
Solar savings over time in Peoria Heights
| Year | Return on Investment |
|---|---|
| 1 years | $-15,923 |
| 3 years | $-14,222 |
| 5 years | $-12,520 |
| 7 years | $-10,819 |
| 9 years | $-9,118 |
| 11 years | $-7,416 |
| 13 years | $-5,715 |
| 15 years | $-4,014 |
| 17 years | $-2,313 |
| 19 years | $-611 |
| 21 years | $1,090 |
| 23 years | $2,791 |
| 25 years | $4,493 |
Top Solar Installers in Peoria Heights
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make converting to solar power much easier. Another good thing about going with a vetted solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
If you're searching for a solar company in Peoria Heights, the EcoWatch team has organized a list of our top suggestions here:
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
Best Technology
Tesla Energy
- 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 Heights
Factors that Affect Solar Panel Costs in Peoria Heights
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Peoria Heights: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Peoria Heights offer solar loans, which reduce the initial cost of installing solar.While solar loans make going solar more accessible for Peoria Heights homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact how much it costs. Peoria Heights’s solar companies all have different labor costs and add varying upcharges to 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 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 | $2,246 | 22.0 years |
| 8 kW | $3.84 | $21,477 | $3,416 | 21.6 years |
| 10 kW | $3.76 | $26,320 | $4,796 | 21.1 years |
| 12 kW | $3.68 | $30,952 | $6,387 | 20.7 years |
| 14 kW | $3.61 | $35,374 | $8,189 | 20.3 years |
| 16 kW | $3.53 | $39,585 | $10,201 | 19.9 years |
| 18 kW | $3.46 | $43,586 | $12,423 | 19.5 years |
| 20 kW | $3.38 | $47,376 | $14,856 | 19.0 years |
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 have access to. When choosing a solar company, there are some important things you should take into account, including:
- Installation Process: When making the switch to solar energy, it’s essential to maintain an open line of communication with your solar installer. See to it that you understand how the installation process works and the completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Review the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
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
Best Technology
Tesla Energy
- 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 Heights, IL Solar Cost FAQs
What is the average cost of installing solar panels in Peoria Heights?
This is a tough question to answer exactly, because the cost depends on many 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Peoria Heights?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside 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 way to go if you want to get the most savings.
How will solar panels impact my home value?
Solar panels can increase your property’s value significantly 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% after installing solar panels."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.