Solar Panel Cost Guide in Hoopeston, IL (2023 Update)
- Hoopeston Solar Installation Cost: $12,116
- 25-Year Savings: $13,162
- Payback Period: 12.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hoopeston
Find out how much it might cost to make the switch to solar in Hoopeston.
The national average cost of solar panels is $2.66 per watt, but in Hoopeston it's 2.73 per watt. To account for the typical energy usage of the average home in Hoopeston, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs around $12,116, or $17,326 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $15,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Hoopeston
| Year | Return on Investment |
|---|---|
| 1 years | $-11,105 |
| 3 years | $-9,082 |
| 5 years | $-7,060 |
| 7 years | $-5,038 |
| 9 years | $-3,016 |
| 11 years | $-994 |
| 13 years | $1,028 |
| 15 years | $3,051 |
| 17 years | $5,073 |
| 19 years | $7,095 |
| 21 years | $9,117 |
| 23 years | $11,139 |
| 25 years | $13,162 |
Top Solar Installers in Hoopeston
Installing solar panels by yourself can be a difficult undertaking, which is why hiring a solar installation company is a good option for many homeowners. A solar installer can also help save you money in the long run by offering warranties, repairs and part replacements.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Hoopeston
Factors that Affect Solar Panel Costs in Hoopeston
There are several criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar energy 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, you can expect your total to increase by about $2,730. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Hoopeston, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Hoopeston homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your all-in costs, so it's crucial to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $2.84 | $11,925 | $11,999 | 12.5 years |
| 8 kW | $2.78 | $15,594 | $16,304 | 12.2 years |
| 10 kW | $2.73 | $19,110 | $20,762 | 12.0 years |
| 12 kW | $2.68 | $22,473 | $25,373 | 11.7 years |
| 14 kW | $2.62 | $25,684 | $30,137 | 11.5 years |
| 16 kW | $2.57 | $28,741 | $35,054 | 11.3 years |
| 18 kW | $2.51 | $31,646 | $40,124 | 11.0 years |
| 20 kW | $2.46 | $34,398 | $45,346 | 10.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company 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: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
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 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 $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a key 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 trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $797.44 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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.