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.
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 6.1 kilowatts, meaning a cost of about $15,956 for a solar installation, or $22,817 before the 0 federal solar tax credit is applied.
The true price you pay can go above or below the average in Waterloo based on several factors, such as the brand of solar panels you choose and the solar contractor you hire.Many homeowners find going solar is a sound investment. The average homeowner in Waterloo can save about $16,000 on their energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
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
Putting up solar panels on your own can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you’re unsure what kind of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar installer in Waterloo, the EcoWatch team has organized a list of our top suggestions here:
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 Waterloo
Factors that Affect Solar Panel Costs in Waterloo
The cost of installing a solar system in Waterloo 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 the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.There are several different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Waterloo, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact the cost. Waterloo’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get details 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.
- Solar Panel Brands: The model of solar panel you want to install plays a part in which installer you should go with, since different companies have access to different panels.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
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 Waterloo, IL Solar Cost FAQs
How much does it cost to install solar panels in Waterloo?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Waterloo?
Leasing solar panels can be an appealing choice, because it typically 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Waterloo, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires 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 household 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.