Solar Panel Cost Guide in Peru, IL (2023 Update)
- Peru Solar Installation Cost: $12,298
- 25-Year Savings: $12,128
- Payback Period: 12.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Peru
We go over average solar pricing in Peru.
The national average cost of solar panels is $2.66 per watt, but in Peru it's 2.73 per watt. Using this figure, a typical 6.4-kW system would cost about $12,307 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary depending on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. But, after you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $14,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar company in Peru for a quote for your home.
Solar savings over time in Peru
| Year | Return on Investment |
|---|---|
| 1 years | $-11,346 |
| 3 years | $-9,441 |
| 5 years | $-7,536 |
| 7 years | $-5,631 |
| 9 years | $-3,726 |
| 11 years | $-1,821 |
| 13 years | $84 |
| 15 years | $1,989 |
| 17 years | $3,894 |
| 19 years | $5,799 |
| 21 years | $7,704 |
| 23 years | $9,609 |
| 25 years | $11,514 |
Top Solar Installers in Peru
When going solar, many homeowners opt to go with a solar installation company since installing a solar system yourself can be a time-consuming project. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
If you're searching for a solar installer in Peru, 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
See all of the solar companies in Peru
Factors that Affect Solar Panel Costs in Peru
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Peru: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also changes the cost. Usually, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Peru homeowners decide to finance their solar panel systems to offset upfront costs. Even though solar loans make adopting solar energy more accessible for Peru homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose will influence your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $10,849 | 13.1 years |
| 8 kW | $2.78 | $15,594 | $14,771 | 12.8 years |
| 10 kW | $2.73 | $19,110 | $18,846 | 12.6 years |
| 12 kW | $2.68 | $22,473 | $23,073 | 12.3 years |
| 14 kW | $2.62 | $25,684 | $27,454 | 12.1 years |
| 16 kW | $2.57 | $28,741 | $31,988 | 11.8 years |
| 18 kW | $2.51 | $31,646 | $36,674 | 11.6 years |
| 20 kW | $2.46 | $34,398 | $41,513 | 11.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Peru, IL Solar Cost FAQs
What is the average cost of installing solar panels in Peru?
This is a hard question to answer exactly, because the cost depends on a few different 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $759.11 per year.
How long do solar panels last in Peru?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.