Solar Panel Cost Guide in Waterloo, IL (2024 Update)
- Waterloo Solar Installation Cost: $15,956
- 25-Year Savings: $13,307
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Waterloo
We break down average solar pricing in Waterloo.
The national average cost of solar panels is $2.66 per watt, but in Waterloo it’s 4 per watt.The average Waterloo homeowner needs a 6.1-kilowatt system, which would cost about $15,956 with the federal tax credit, or $22,817 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
Click the button below to get connected to a reputable solar company in Waterloo for a personalized estimate.
Solar savings over time in Waterloo
| Year | Return on Investment |
|---|---|
| 1 years | $-15,106 |
| 3 years | $-13,404 |
| 5 years | $-11,703 |
| 7 years | $-10,002 |
| 9 years | $-8,300 |
| 11 years | $-6,599 |
| 13 years | $-4,898 |
| 15 years | $-3,197 |
| 17 years | $-1,495 |
| 19 years | $206 |
| 21 years | $1,907 |
| 23 years | $3,609 |
| 25 years | $5,310 |
Top Solar Installers in Waterloo
When going solar, many homeowners opt to go with a solar installation company since installing solar panels yourself can be a difficult project. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
If you’d like to make the switch to solar but still aren’t certain which solar system installer to go with, here are our suggestions for providers near you:
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 Waterloo
Factors that Affect Solar Panel Costs in Waterloo
For many Waterloo homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Waterloo, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $3,760 per kilowatt in Waterloo.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the Waterloo average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Waterloo homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you select will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that has 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 | $3.91 | $16,424 | $8,213 | 16.7 years |
| 8 kW | $3.84 | $21,477 | $11,371 | 16.3 years |
| 10 kW | $3.76 | $26,320 | $14,740 | 16.0 years |
| 12 kW | $3.68 | $30,952 | $18,320 | 15.7 years |
| 14 kW | $3.61 | $35,374 | $22,110 | 15.4 years |
| 16 kW | $3.53 | $39,585 | $26,111 | 15.1 years |
| 18 kW | $3.46 | $43,586 | $30,323 | 14.7 years |
| 20 kW | $3.38 | $47,376 | $34,745 | 14.4 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Warranty: If you’re worried about the endurance of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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 Waterloo, IL Solar Cost FAQs
What is the average cost of installing solar panels in Waterloo?
The average cost of solar panels in Waterloo is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Waterloo?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Waterloo, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.