Solar Panels Cost $7.6k-$17k in Waterloo, IL | October, 2024

Electricity Costs in Waterloo, IL & What that Means for Your Solar Panel Pricing

Waterloo residents generally consume 789 kWh of electricity each month, with bills averaging $101.04. {These numbers include apartments and other smaller homes, which generally have reduced energy consumption.

In October 2024, Waterloo, IL's mean electricity rate is 12.81¢ per kWh.

In Waterloo, a system size of 7 kW or more is needed for the typical energy consumer to account for all of their energy needs. Right now, a 7 kW solar panel system will set you back about $25,620upfront, but thanks to the federal tax credit, you receive 30% back, reducing the total to $17,934.

Are solar panels worth it in Illinois?

If your goal is to maintain your home well past the payback period of your solar system, solar panels are an clear choice in Waterloo. By installing a 5 kW solar system in Waterloo, IL, you can expect to save around $11,439.6 over 20 years, with the break even point usually being 11 years.

The cost of not having solar panels in Waterloo, IL

Apart from missing out on the savings noted above, the absence of solar panels or another backup energy solution leads to total dependency on your electric utility for power. Many recent news stories have made it evident that complete reliance on your utility isn't always the best idea.

Recently, customers in Waterloo have experienced an average of 0.66 outages per year. The typical duration of each outage is 60.35 minutes. When significant events such as construction accidents, overloaded power grids or hurricanes occur, these time frames can become much longer.

A solar panel system, whether or not it has a backup battery, could help reduce the impact of future outages you might face.

What impacts the cost of solar panels in Waterloo, IL?

Your Energy Needs - The upfront cost for larger solar panel systems is larger, but the cost per watt decreases as the system size expands. Homeowners often find that setting up a solar system that can cover their entire electric bill is advantageous, leading to maximum savings.

Make & Model - There are numerous brands and models of solar panels. The installer you select may have particular brand preferences, so it's crucial to select a reputable contractor. Superior quality models generally result in a more satisfactory long-term experience for buyers.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. They come with a higher price but are more efficient. Many solar panel installers use panels made of this kind of material.

Your Property - Every property and home is distinct. Trees, sloping terrain, or additional hurdles can make the installation more difficult. These days, solar installers typically use satellite images to evaluate your home and include these factors into the first cost estimate.

Labor Rates - The wages that companies offer their employees vary, and these expenses are inevitably shown in consumer prices. Usually, companies paying more in wages also enjoy higher ratings for their work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees change locally and will influence your installation cost. Quality local installers will include these figures in your first estimates to provide transparency.