Solar Panel Cost Guide in Peotone, IL (2023 Update)
- Peotone Solar Installation Cost: $12,341
- 25-Year Savings: $10,271
- Payback Period: 13.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Peotone
We go over average solar pricing in Peotone.
The average cost of solar panels in Peotone is 2.73 per watt. Using this figure, a typical 6.5-kW system would cost about $12,345 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Peotone homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Peotone can save around $13,000 on their energy bills over 20 years.
To receive a free quote from a vetted solar company in Peotone, you can click the button below.
Solar savings over time in Peotone
| Year | Return on Investment |
|---|---|
| 1 years | $-11,185 |
| 3 years | $-8,873 |
| 5 years | $-6,560 |
| 7 years | $-4,248 |
| 9 years | $-1,936 |
| 11 years | $377 |
| 13 years | $2,689 |
| 15 years | $5,002 |
| 17 years | $7,314 |
| 19 years | $9,626 |
| 21 years | $11,939 |
| 23 years | $14,251 |
| 25 years | $16,563 |
Top Solar Installers in Peotone
Trying to put up solar panels on your own can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. Another perk of utilizing a solar installer is that they can help you maximize your return of investment by bringing down your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Peotone:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Peotone
Factors that Affect Solar Panel Costs in Peotone
The cost of installing a solar system in Peotone can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Peotone. The kind of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Peotone, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Peotone is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Peotone know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $9,083 | 14.2 years |
| 8 kW | $2.78 | $15,594 | $12,417 | 13.9 years |
| 10 kW | $2.73 | $19,110 | $15,904 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,543 | 13.4 years |
| 14 kW | $2.62 | $25,684 | $23,335 | 13.1 years |
| 16 kW | $2.57 | $28,741 | $27,280 | 12.8 years |
| 18 kW | $2.51 | $31,646 | $31,378 | 12.6 years |
| 20 kW | $2.46 | $34,398 | $35,629 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: If you're concerned about the durability of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Review the contract terms closely to make sure you understand the total cost, completion timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Peotone, IL Solar Cost FAQs
How much does it cost to install solar panels in Peotone?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Peotone is currently $184,762, so you can look forward to a value of about $7,575 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Peotone is a rewarding investment.
How long do solar panels last in Peotone?
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 how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.