Solar Panel Cost Guide in Bloomington, IN (Mar 2023)
- Bloomington Solar Installation Cost: $16,284
- 25-Year Savings: $28,761
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Bloomington
See how much it might cost to switch to solar power in Bloomington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bloomington, the average cost of solar panels is 2.68 per watt. The average solar panel system size in Bloomington is around 8.7 kilowatts, meaning a cost of about $16,284 for a solar installation, or $23,286 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $20,000 over 20 years on energy bills.
To get a free estimate from a vetted solar installer in Bloomington, you can click the button below.
Solar savings over time in Bloomington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,482 |
| 3 years | $-10,878 |
| 5 years | $-7,275 |
| 7 years | $-3,671 |
| 9 years | $-68 |
| 11 years | $3,536 |
| 13 years | $7,140 |
| 15 years | $10,743 |
| 17 years | $14,347 |
| 19 years | $17,950 |
| 21 years | $21,554 |
| 23 years | $25,157 |
| 25 years | $28,761 |
Top Solar Installers in Bloomington
When going solar, many homeowners decide to use a solar installation company since handling can be a difficult project. Plus, if you're unsure what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Bloomington
Factors that Affect Solar Panel Costs in Bloomington
The cost of installing a solar system in Bloomington can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 greater savings over time. Plus, if you want additional 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 many years, but they can also be a significant investment. That's why many Bloomington homeowners choose to finance their solar panel systems to make going solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating in Bloomington, and each can charge varying amounts for labor and equipment. 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 with an above-average cost. It's best to do some research and choose a company that provides the products, warranties and services you want 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 | $2.79 | $11,706 | $19,442 | 9.4 years |
| 8 kW | $2.73 | $15,308 | $26,223 | 9.2 years |
| 10 kW | $2.68 | $18,760 | $33,154 | 9.0 years |
| 12 kW | $2.63 | $22,062 | $40,235 | 8.9 years |
| 14 kW | $2.57 | $25,213 | $47,466 | 8.7 years |
| 16 kW | $2.52 | $28,215 | $54,847 | 8.5 years |
| 18 kW | $2.47 | $31,067 | $62,378 | 8.3 years |
| 20 kW | $2.41 | $33,768 | $70,059 | 8.1 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Bloomington, IN Solar Cost FAQs
How much does it cost to install solar panels in Bloomington?
The average cost of solar panels in Bloomington is about $13,400 for a 5-kW system and $26,800 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 use.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Bloomington?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
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 typically 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.