Solar Panel Cost Guide in Bloomington, IN (2023 Update)
- Bloomington Solar Installation Cost: $16,278
- 25-Year Savings: $28,767
- Payback Period: 9.0 Years
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Updated September 15, 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.
While the national average of solar panels is $2.66 per watt, solar panels in Bloomington generally cost about 2.68. 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 how much solar panels could cost. The exact cost of installing solar panels can vary depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $20,000 over 20 years on power bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Bloomington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,892 |
| 3 years | $-12,120 |
| 5 years | $-9,348 |
| 7 years | $-6,576 |
| 9 years | $-3,804 |
| 11 years | $-1,031 |
| 13 years | $1,741 |
| 15 years | $4,513 |
| 17 years | $7,285 |
| 19 years | $10,057 |
| 21 years | $12,829 |
| 23 years | $15,601 |
| 25 years | $18,373 |
Top Solar Installers in Bloomington
Many homeowners opt for a solar panel installer since trying to install solar panels yourself can be time-consuming. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
If you're on the hunt for a solar installer in Bloomington, we've organized 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
The cost of installing a solar system in Bloomington can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond 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 researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Bloomington to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in higher prices over time due to interest. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence your pricing. Bloomington's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you're looking for 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 | $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 company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 $13,400 for a 5-kW system and $26,800 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.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Bloomington?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.