Solar Panel Cost Guide in Hoopeston, IL (2024 Update)
- Hoopeston Solar Installation Cost: $16,686
- 25-Year Savings: $13,162
- Payback Period: 16.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hoopeston
Let’s have a look at the average cost of solar in Hoopeston.
The national average cost of solar panels is $2.66 per watt, but in Hoopeston it’s 4 per watt.To cover the typical energy usage of the average home in Hoopeston, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,686, or $23,861 before the federal solar tax credit of 0 is applied.
These figures are only estimates, and the cost of going solar for you will vary based on factors unique to your home and what company you choose to go with.With typical savings of about $15,000 on power bills over 20 years, many homeowners in Hoopeston find going solar can pay off big.
Click the button below to get connected to a reputable solar installer in your area for a personalized estimate.
Solar savings over time in Hoopeston
| Year | Return on Investment |
|---|---|
| 1 years | $-15,835 |
| 3 years | $-14,134 |
| 5 years | $-12,432 |
| 7 years | $-10,731 |
| 9 years | $-9,030 |
| 11 years | $-7,329 |
| 13 years | $-5,627 |
| 15 years | $-3,926 |
| 17 years | $-2,225 |
| 19 years | $-523 |
| 21 years | $1,178 |
| 23 years | $2,879 |
| 25 years | $4,581 |
Top Solar Installers in Hoopeston
Although you can install solar panels by yourself, it involves extra time and knowledge. Because of that, the majority of homeowners choose to go with a solar panel installer. Plus, if you’d like to maximize your investment in solar, opting for a solar company can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Hoopeston:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hoopeston
Factors that Affect Solar Panel Costs in Hoopeston
The cost of installing a solar system in Hoopeston can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest 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.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hoopeston to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $7,500 | 17.2 years |
| 8 kW | $3.84 | $21,477 | $10,421 | 16.8 years |
| 10 kW | $3.76 | $26,320 | $13,552 | 16.5 years |
| 12 kW | $3.68 | $30,952 | $16,894 | 16.2 years |
| 14 kW | $3.61 | $35,374 | $20,447 | 15.8 years |
| 16 kW | $3.53 | $39,585 | $24,210 | 15.5 years |
| 18 kW | $3.46 | $43,586 | $28,184 | 15.2 years |
| 20 kW | $3.38 | $47,376 | $32,368 | 14.9 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hoopeston, IL Solar Cost FAQs
What is the average cost of installing solar panels in Hoopeston?
The average cost of solar panels in Hoopeston is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Hoopeston?
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.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $797.44 per year.
How long do solar panels last in Hoopeston?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
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.