Solar Panel Cost Guide in Peru, IL (Jan 2023)
- Peru Solar Installation Cost: $12,307
- 25-Year Savings: $12,119
- Payback Period: 12.6 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Peru
We break down average solar pricing in Peru.
In Peru, solar panels cost about $3 per watt on average. The average Peru homeowner needs a 6.4-kilowatt system, which would cost about $12,307, or $9,107 after the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Peru based on several factors, such as the type of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar panels is worth paying. On average Peru homeowners see about $14,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Peru that can help you get a more accurate cost estimate for your home.
Solar savings over time in Peru
| Year | Return on Investment |
|---|---|
| 1 years | $-11,330 |
| 3 years | $-9,376 |
| 5 years | $-7,422 |
| 7 years | $-5,467 |
| 9 years | $-3,513 |
| 11 years | $-1,559 |
| 13 years | $395 |
| 15 years | $2,349 |
| 17 years | $4,303 |
| 19 years | $6,257 |
| 21 years | $8,211 |
| 23 years | $10,165 |
| 25 years | $12,119 |
Top Solar Installers in Peru
Although you can install solar panels on your own, it involves extra effort and handiness. For that reason, almost all homeowners choose to hire a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Peru
Factors that Affect Solar Panel Costs in Peru
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
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 electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,730 per kilowatt in Peru. The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond 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 looking into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Peru have solar loans, which reduce your upfront costs of installing a solar system. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Peru, and each can charge varying amounts for labor and equipment. Additionally, some companies in Peru are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $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 brand of solar panels and the installation company you choose significantly influences 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:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- 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.
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 Peru, IL Solar Cost FAQs
How much does it cost to install solar panels in Peru?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Peru is currently $113,986, which means you could be looking at a value of about $4,673 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Peru is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.