Solar Panel Cost Guide in Peotone, IL (Mar 2023)
- Peotone Solar Installation Cost: $12,345
- 25-Year Savings: $10,267
- Payback Period: 13.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Peotone
We break down average solar pricing in Peotone.
The national average cost of solar panels is $2.66 per watt, but in Peotone it's 2.73 per watt. The average solar panel system size in Peotone is around 6.5 kilowatts, meaning a cost of about $12,345 for a solar installation, or $17,653 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will vary based on your energy needs and what company you want to go with. Despite the significant upfront cost, the average Peotone homeowner can save around $13,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in Peotone for a quote for your home.
Solar savings over time in Peotone
| Year | Return on Investment |
|---|---|
| 1 years | $-11,441 |
| 3 years | $-9,632 |
| 5 years | $-7,823 |
| 7 years | $-6,014 |
| 9 years | $-4,205 |
| 11 years | $-2,396 |
| 13 years | $-587 |
| 15 years | $1,222 |
| 17 years | $3,031 |
| 19 years | $4,840 |
| 21 years | $6,649 |
| 23 years | $8,458 |
| 25 years | $10,267 |
Top Solar Installers in Peotone
When making the switch to solar, many homeowners opt to go with a solar installer since installing a solar system yourself can be a difficult project. Another benefit of working with a solar installer is that they can help you optimize your return of investment by reducing your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
If you're looking for a solar installer in Peotone, we've 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 (coming 2022)
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 Peotone
Factors that Affect Solar Panel Costs in Peotone
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Peotone: 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
When it comes to estimating the cost of a solar panel system in Peotone, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,730 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Peotone, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront 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 panel system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services at different price points. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Review the contract terms carefully to make sure you understand the overall cost, project completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Peotone, IL Solar Cost FAQs
How much does it cost to install solar panels in Peotone?
The average cost of solar panels in Peotone 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 use.
Is it better to lease or buy solar panels in Peotone?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for 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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose 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.