Solar Panel Cost Guide in Hampshire, IL (2023 Update)
- Hampshire Solar Installation Cost: $12,479
- 25-Year Savings: $10,132
- Payback Period: 13.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hampshire
Let's have a look at the average cost of solar in Hampshire.
While the national average of solar panels is $2.66 per watt, solar panels in Hampshire typically cost about 2.73. The average Hampshire homeowner needs a 6.5-kilowatt system, which would cost about $12,479 with the federal tax credit, or $17,845 before the 30% tax credit is applied.
How much you pay can go above or below the average in Hampshire based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $13,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Hampshire that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hampshire
| Year | Return on Investment |
|---|---|
| 1 years | $-12,404 |
| 3 years | $-12,253 |
| 5 years | $-12,103 |
| 7 years | $-11,952 |
| 9 years | $-11,801 |
| 11 years | $-11,650 |
| 13 years | $-11,500 |
| 15 years | $-11,349 |
| 17 years | $-11,198 |
| 19 years | $-11,047 |
| 21 years | $-10,897 |
| 23 years | $-10,746 |
| 25 years | $-10,595 |
Top Solar Installers in Hampshire
Putting up solar panels yourself can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your home.
If you're on the hunt for a solar company in Hampshire, the EcoWatch team has put together a list of our top suggestions here:
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 Hampshire
Factors that Affect Solar Panel Costs in Hampshire
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,730. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Hampshire offer solar loans, which reduce the initial cost of installing solar panels. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Hampshire, and each can charge varying amounts for labor and equipment. 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 come at a higher cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fit into 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 | $2.84 | $11,925 | $8,851 | 14.3 years |
| 8 kW | $2.78 | $15,594 | $12,107 | 14.1 years |
| 10 kW | $2.73 | $19,110 | $15,516 | 13.8 years |
| 12 kW | $2.68 | $22,473 | $19,077 | 13.5 years |
| 14 kW | $2.62 | $25,684 | $22,792 | 13.2 years |
| 16 kW | $2.57 | $28,741 | $26,660 | 13.0 years |
| 18 kW | $2.51 | $31,646 | $30,680 | 12.7 years |
| 20 kW | $2.46 | $34,398 | $34,853 | 12.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: The brand of solar panel you need to install plays a part 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
EcoWatch's Hampshire, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hampshire?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Hampshire?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Hampshire have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.