Solar Panel Cost Guide in Hampshire, IL (Feb 2023)
- Hampshire Solar Installation Cost: $12,479
- 25-Year Savings: $10,133
- Payback Period: 13.8 Years
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Top Solar Installers in Hampshire
Although it's possible to install solar panels on your own, it requires extra energy and know-how. That's why most homeowners choose a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our suggestions for providers in Hampshire:
See all of the solar companies in Hampshire
Factors that Affect Solar Panel Costs in Hampshire
The cost of installing a solar system in Hampshire can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
When it comes to estimating the cost of solar panels in Hampshire, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can determine by looking at past power bills. Your total cost can increase by around $2,730 for each additional kilowatt you need. The brand and type 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Hampshire homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the total 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 select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — 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 find a company that offers the products, warranties and services you want 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||$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
There are numerous companies available in Hampshire, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project completion timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
EcoWatch's Hampshire, 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.