Solar Panel Cost Guide in Bloomington, IL (Feb 2023)
- Bloomington Solar Installation Cost: $12,116
- 25-Year Savings: $11,100
- Payback Period: 13.1 Years
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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:
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.
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.
EcoWatch's Bloomington, IL Solar Cost FAQs
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.