Solar Panel Cost Guide in Bloomington, IL (2023 Update)
- Bloomington Solar Installation Cost: $12,120
- 25-Year Savings: $11,096
- Payback Period: 13.1 Years
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Updated September 15, 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.
The average cost of a solar panel system in Bloomington is 2.73 per watt. The average solar panel system size in Bloomington is around 6.3 kilowatts, meaning a cost of about $12,116 for a solar installation, or $17,326 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what company you go with. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $14,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Bloomington
| Year | Return on Investment |
|---|---|
| 1 years | $-12,042 |
| 3 years | $-11,887 |
| 5 years | $-11,733 |
| 7 years | $-11,578 |
| 9 years | $-11,423 |
| 11 years | $-11,268 |
| 13 years | $-11,114 |
| 15 years | $-10,959 |
| 17 years | $-10,804 |
| 19 years | $-10,649 |
| 21 years | $-10,494 |
| 23 years | $-10,340 |
| 25 years | $-10,185 |
Top Solar Installers in Bloomington
Many homeowners choose to hire a solar installer since trying to install solar panels on your own can be time-consuming. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Bloomington
Factors that Affect Solar Panel Costs in Bloomington
The cost of installing a solar system in Bloomington can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
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 uses, the larger your system will likely need to be. You can expect to spend around $2,730 per kilowatt in Bloomington. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Bloomington, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Bloomington, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Bloomington know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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
There are a lot of 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: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Bloomington, IL Solar Cost FAQs
How much does it cost to install solar panels in Bloomington?
The average cost of solar panels in Bloomington is about $13,650 for a 5-kW system and $27,300 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 use.
Should I lease or buy solar panels in Bloomington?
Leasing solar panels can be an appealing choice, because it often 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 you sell solar power back to the grid in Bloomington?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.