Solar Panel Cost Guide in Bloomington, IL (2023 Update)
- Bloomington Solar Installation Cost: $12,116
- 25-Year Savings: $11,100
- Payback Period: 13.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Bloomington
Let's take a look at the average cost of solar in Bloomington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bloomington, the typical cost of a solar system is 2.73 per watt. Using this figure, a typical 6.3-kW system would cost about $12,116 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Bloomington homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Bloomington find going solar can pay off big.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Bloomington
| Year | Return on Investment |
|---|---|
| 1 years | $-11,187 |
| 3 years | $-9,330 |
| 5 years | $-7,473 |
| 7 years | $-5,615 |
| 9 years | $-3,758 |
| 11 years | $-1,901 |
| 13 years | $-44 |
| 15 years | $1,814 |
| 17 years | $3,671 |
| 19 years | $5,528 |
| 21 years | $7,385 |
| 23 years | $9,243 |
| 25 years | $11,100 |
Top Solar Installers in Bloomington
Installing solar panels on your own can be a difficult task, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Bloomington
Factors that Affect Solar Panel Costs in Bloomington
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that will push your cost above or below the average in Bloomington: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Bloomington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past energy bills. Your overall cost can increase by around $2,730 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea 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 choose to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies in Bloomington, and each can charge different amounts for labor and equipment. Additionally, some companies in Bloomington know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $2.84 | $11,925 | $10,039 | 13.6 years |
| 8 kW | $2.78 | $15,594 | $13,691 | 13.3 years |
| 10 kW | $2.73 | $19,110 | $17,496 | 13.1 years |
| 12 kW | $2.68 | $22,473 | $21,454 | 12.8 years |
| 14 kW | $2.62 | $25,684 | $25,564 | 12.5 years |
| 16 kW | $2.57 | $28,741 | $29,828 | 12.3 years |
| 18 kW | $2.51 | $31,646 | $34,244 | 12.0 years |
| 20 kW | $2.46 | $34,398 | $38,814 | 11.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you want to get plays a role in which installer you should opt for, since different companies have different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Bloomington, IL Solar Cost FAQs
How much does it cost to install solar panels in Bloomington?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $732.12 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can 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 install 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.