Solar Panel Cost Guide in Hampshire, IL (2024 Update)
- Hampshire Solar Installation Cost: $17,188
- 25-Year Savings: $10,132
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Hampshire
Let’s take a look at the average cost of solar in Hampshire.
Although the national average of solar panels is $2.66 per watt, solar panels in Hampshire typically cost about 4.The average solar panel system size in Hampshire is around 6.5 kilowatts, meaning a cost of about $17,188 for a solar installation, or $24,579 before the 0 federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Hampshire depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire.With average savings of about $13,000 on power bills over 20 years, many homeowners in Hampshire find investing in solar can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hampshire
| Year | Return on Investment |
|---|---|
| 1 years | $-16,032 |
| 3 years | $-13,719 |
| 5 years | $-11,407 |
| 7 years | $-9,094 |
| 9 years | $-6,782 |
| 11 years | $-4,470 |
| 13 years | $-2,157 |
| 15 years | $155 |
| 17 years | $2,467 |
| 19 years | $4,780 |
| 21 years | $7,092 |
| 23 years | $9,404 |
| 25 years | $11,717 |
Top Solar Installers in Hampshire
Installing solar panels by yourself can be a dangerous project, which is why hiring a solar installer is a good option for many homeowners. Also, if you’d like to maximize your investment in solar, using a solar company can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Hampshire
Factors that Affect Solar Panel Costs in Hampshire
For many Hampshire homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hampshire, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Hampshire, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Hampshire, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.It’s a good idea to include 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
A final consideration when trying to evaluate the cost of solar for your home or business in Hampshire is the company you get to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also fits within your budget.
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 | $4,352 | 19.8 years |
| 8 kW | $3.84 | $21,477 | $6,223 | 19.4 years |
| 10 kW | $3.76 | $26,320 | $8,306 | 19.0 years |
| 12 kW | $3.68 | $30,952 | $10,599 | 18.6 years |
| 14 kW | $3.61 | $35,374 | $13,102 | 18.2 years |
| 16 kW | $3.53 | $39,585 | $15,816 | 17.9 years |
| 18 kW | $3.46 | $43,586 | $18,740 | 17.5 years |
| 20 kW | $3.38 | $47,376 | $21,875 | 17.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which installer you should go with, since different companies offer different panels.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
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 Hampshire, IL Solar Cost FAQs
How much does it cost to install solar panels in Hampshire?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Hampshire?
Solar panels aren’t free in Hampshire, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $692.51 per year.
What solar power system size is right for my home?
To figure out what solar panel system size 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.