Solar Panel Cost Guide in Peoria City, IL (2024 Update)
- Peoria City Solar Installation Cost: $16,798
- 25-Year Savings: $7,634
- Payback Period: 21.2 Years
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Average Cost of Solar Panels in Peoria City
We go over average solar pricing in Peoria City.
The national average cost of solar panels is $2.66 per watt, but in Peoria City it’s 4 per watt.To cover the typical energy usage of the average home in Peoria City, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,798, or $24,021 before the federal solar tax credit of 0 is applied.
The actual price you pay can be above or below the average in Peoria City depending on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire.Despite the significant initial cost, the average Peoria City homeowner can save around $12,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Peoria City
| Year | Return on Investment |
|---|---|
| 1 years | $-15,947 |
| 3 years | $-14,246 |
| 5 years | $-12,545 |
| 7 years | $-10,844 |
| 9 years | $-9,142 |
| 11 years | $-7,441 |
| 13 years | $-5,740 |
| 15 years | $-4,038 |
| 17 years | $-2,337 |
| 19 years | $-636 |
| 21 years | $1,065 |
| 23 years | $2,767 |
| 25 years | $4,468 |
Top Solar Installers in Peoria City
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Hiring a solar panel installer can make your swap to solar power much easier. The payback period of solar panels will vary based on factors like your location and energy needs, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our suggestions for providers nearby:
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 Peoria City
Factors that Affect Solar Panel Costs in Peoria City
Though the average cost of a solar system in Peoria City is $16,798, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $3,760 per kilowatt in Peoria City.The kind of 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 power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Peoria City average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Peoria City, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.The company’s size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $2,219 | 22.0 years |
| 8 kW | $3.84 | $21,477 | $3,379 | 21.6 years |
| 10 kW | $3.76 | $26,320 | $4,751 | 21.2 years |
| 12 kW | $3.68 | $30,952 | $6,332 | 20.8 years |
| 14 kW | $3.61 | $35,374 | $8,125 | 20.3 years |
| 16 kW | $3.53 | $39,585 | $10,128 | 19.9 years |
| 18 kW | $3.46 | $43,586 | $12,341 | 19.5 years |
| 20 kW | $3.38 | $47,376 | $14,765 | 19.1 years |
How to Save on Solar Panels
The solar installer you opt for will impact 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 keep in mind, including:
- Solar Panel Brands: The model of solar panel you need to get plays a role in which installer you should go with, since different companies offer different panels.
- 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.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
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 Peoria City, IL Solar Cost FAQs
How much does it cost to install solar panels in Peoria City?
The average cost of solar panels in Peoria City 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 model 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 Peoria City?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will installing solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Peoria City is currently $115,649, which means you can look forward to a value of about $4,742 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Peoria City is a worthwhile investment.
What solar power system size is right for my home?
To figure out how many solar panels 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 generally produce about 250 to 400 watt-hours per hour, the average house 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.