Solar Panel Cost Guide in Pana, IL (2024 Update)
- Pana Solar Installation Cost: $16,430
- 25-Year Savings: $15,109
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Pana
Find out how much it might cost to go solar in Pana.
In Pana, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Pana, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,430, or $23,495 before the federal solar tax credit of 0 is applied.
These figures are just averages, and how much solar costs for you will vary based on the amount of energy your home requires and what company you choose to go with.Even with the large upfront cost, the average Pana homeowner can save around $16,000 on their power bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a highly rated solar installation company in Pana, you can click the button below.
Solar savings over time in Pana
| Year | Return on Investment |
|---|---|
| 1 years | $-15,580 |
| 3 years | $-13,878 |
| 5 years | $-12,177 |
| 7 years | $-10,476 |
| 9 years | $-8,775 |
| 11 years | $-7,073 |
| 13 years | $-5,372 |
| 15 years | $-3,671 |
| 17 years | $-1,969 |
| 19 years | $-268 |
| 21 years | $1,433 |
| 23 years | $3,135 |
| 25 years | $4,836 |
Top Solar Installers in Pana
Many homeowners opt for a solar panel installer since installing solar panels on your own can be challenging. Some solar companies, especially local ones, can help you make the most of incentives in Pana, thereby optimizing your ROI.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 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
See all of the solar companies in Pana
Factors that Affect Solar Panel Costs in Pana
The cost of installing a solar system in Pana can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Pana, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past power bills. Your total cost can increase by about $3,760 for each additional kilowatt you need.The kind of solar equipment you choose can increase or decrease your cost 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. However, more efficient panels could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Pana average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can influence how much it costs. Pana’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Pana know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $3.91 | $16,424 | $9,564 | 15.8 years |
| 8 kW | $3.84 | $21,477 | $13,173 | 15.5 years |
| 10 kW | $3.76 | $26,320 | $16,993 | 15.2 years |
| 12 kW | $3.68 | $30,952 | $21,023 | 14.9 years |
| 14 kW | $3.61 | $35,374 | $25,263 | 14.6 years |
| 16 kW | $3.53 | $39,585 | $29,715 | 14.3 years |
| 18 kW | $3.46 | $43,586 | $34,377 | 14.0 years |
| 20 kW | $3.38 | $47,376 | $39,249 | 13.7 years |
How to Save on Solar Panels
There are numerous companies to choose from in Pana, 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:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: If you care about the longevity of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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 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
EcoWatch's Pana, IL Solar Cost FAQs
What is the average cost of installing solar panels in Pana?
The average cost of solar panels in Pana is about $18,800 for a 5-kW system and $37,600 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.
Are solar panels free in Pana?
You can’t get solar panels for free in Pana. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Pana?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Pana?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 after having them for that long or you can continue to use 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.