Solar Panel Cost Guide in Waterloo, IA (2024 Update)
- Waterloo Solar Installation Cost: $27,365
- 25-Year Savings: $22,112
- Payback Period: 16.7 Years
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Average Cost of Solar Panels in Waterloo
Find out what the average cost of installing solar panels is in Waterloo.
While the national average of solar panels is $2.66 per watt, solar panels in Waterloo typically cost about 4.The average solar panel system size in Waterloo is around 9.7 kilowatts, meaning a cost of about $27,365 for a solar installation, or $39,132 before the 0 federal solar tax credit is applied.
The true price you pay can go above or below the average in Waterloo depending on a few factors, such as the type of solar panels you choose and the solar company you hire.Despite the large initial cost, the average Waterloo homeowner can save around $16,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar installer in Waterloo for a personalized estimate.
Solar savings over time in Waterloo
Year | Return on Investment |
---|---|
1 years | $-26,189 |
3 years | $-23,837 |
5 years | $-21,485 |
7 years | $-19,133 |
9 years | $-16,781 |
11 years | $-14,429 |
13 years | $-12,077 |
15 years | $-9,725 |
17 years | $-7,373 |
19 years | $-5,021 |
21 years | $-2,669 |
23 years | $-317 |
25 years | $2,035 |
Top Solar Installers in Waterloo
When switching to solar energy, many homeowners decide to use a solar installer since overseeing your solar installation yourself can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you choose which one will be best for your family.
If you’d like to switch to solar energy but still aren’t sure which solar company to go with, here are our suggestions for providers in Waterloo:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 install a solar energy system comes down to 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 considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $4,010. The kind of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than 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 for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Waterloo to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.It’s wise to add 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 installer you opt for to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Waterloo, and each can charge different amounts for labor and equipment.Some companies 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 with an above-average cost. It’s best to do some research and find a company that has the products, warranties and services you want and also fits within 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 | $4.17 | $17,516 | $7,727 | 17.3 years |
8 kW | $4.09 | $22,905 | $10,752 | 17.0 years |
10 kW | $4.01 | $28,070 | $14,001 | 16.7 years |
12 kW | $3.93 | $33,010 | $17,475 | 16.3 years |
14 kW | $3.85 | $37,726 | $21,174 | 16.0 years |
16 kW | $3.77 | $42,217 | $25,097 | 15.7 years |
18 kW | $3.69 | $46,484 | $29,245 | 15.3 years |
20 kW | $3.61 | $50,526 | $33,617 | 15.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Waterloo, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: The model of solar panel you want plays a part in which company you should go with, since different companies offer different panels.
- Contract: Before signing a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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, IA Solar Cost FAQs
How much does it cost to install solar panels in Waterloo?
The average cost of solar panels in Waterloo is about $20,050 for a 5-kW system and $40,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Waterloo?
Leasing solar panels can be an appealing 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 get the most savings.
How will solar panels impact the value of my home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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 get 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.