Solar Panel Cost Guide in Bloomington, IN (2024 Update)
- Bloomington Solar Installation Cost: $24,902
- 25-Year Savings: $28,767
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Bloomington
Find out what the average cost of solar panels are in Bloomington.
The average cost of a solar system in Bloomington is 4 per watt.The average Bloomington homeowner needs a 8.7-kilowatt system, which would cost about $24,902 with the federal tax credit, or $35,610 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Bloomington homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Bloomington can save around $20,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Bloomington
| Year | Return on Investment |
|---|---|
| 1 years | $-23,516 |
| 3 years | $-20,744 |
| 5 years | $-17,972 |
| 7 years | $-15,200 |
| 9 years | $-12,428 |
| 11 years | $-9,656 |
| 13 years | $-6,884 |
| 15 years | $-4,112 |
| 17 years | $-1,340 |
| 19 years | $1,432 |
| 21 years | $4,204 |
| 23 years | $6,976 |
| 25 years | $9,748 |
Top Solar Installers in Bloomington
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with an installer can make your switch to solar power much easier. Another good thing about going with a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you're on the hunt for a solar installer in Bloomington, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
There are several criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar panel system you need, 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 $4,100. The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of financing options, 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can influence the cost. Bloomington’s solar companies all have different labor costs and add varying upcharges to 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 at a higher cost. It’s best to do some research and choose a company that provides 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 | $4.26 | $17,909 | $13,239 | 14.4 years |
| 8 kW | $4.18 | $23,419 | $18,112 | 14.1 years |
| 10 kW | $4.10 | $28,700 | $23,214 | 13.8 years |
| 12 kW | $4.02 | $33,751 | $28,545 | 13.5 years |
| 14 kW | $3.94 | $38,573 | $34,106 | 13.3 years |
| 16 kW | $3.85 | $43,165 | $39,897 | 13.0 years |
| 18 kW | $3.77 | $47,527 | $45,917 | 12.7 years |
| 20 kW | $3.69 | $51,660 | $52,167 | 12.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- 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 significant role in the company you opt for.
- Warranty: If you care about the durability of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Bloomington?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will having solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bloomington is currently $297,335, so you can look forward to a value of about $12,191 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Bloomington is a rewarding investment.
How long do solar panels last in Bloomington?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.