Solar Panel Cost Guide in Hampton, IL (2023 Update)
- Hampton Solar Installation Cost: $12,326
- 25-Year Savings: $7,782
- Payback Period: 15.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hampton
Find out what the average cost of solar panel installation is in Hampton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hampton, the typical cost of a solar system is 2.73 per watt. Using this figure, a typical 6.5-kW system would cost about $12,326 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Hampton homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the significant initial cost, the average Hampton homeowner can save about $12,000 on their power bills over 20 years, which is one of the advantages of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hampton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,522 |
| 3 years | $-9,913 |
| 5 years | $-8,304 |
| 7 years | $-6,696 |
| 9 years | $-5,087 |
| 11 years | $-3,479 |
| 13 years | $-1,870 |
| 15 years | $-261 |
| 17 years | $1,347 |
| 19 years | $2,956 |
| 21 years | $4,564 |
| 23 years | $6,173 |
| 25 years | $7,782 |
Top Solar Installers in Hampton
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar panel installer can make your swap to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
You can get a free quote 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Hampton
Factors that Affect Solar Panel Costs in Hampton
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Hampton: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,730. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Hampton to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. However, the interest on solar loans also increases your overall costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Hampton, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Hampton have more knowledge 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 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 | $6,770 | 15.9 years |
| 8 kW | $2.78 | $15,594 | $9,332 | 15.6 years |
| 10 kW | $2.73 | $19,110 | $12,047 | 15.3 years |
| 12 kW | $2.68 | $22,473 | $14,915 | 15.0 years |
| 14 kW | $2.62 | $25,684 | $17,936 | 14.7 years |
| 16 kW | $2.57 | $28,741 | $21,110 | 14.4 years |
| 18 kW | $2.51 | $31,646 | $24,436 | 14.1 years |
| 20 kW | $2.46 | $34,398 | $27,916 | 13.8 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 durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two 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 past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Hampton, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hampton?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 house 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.