Solar Panel Cost Guide in Hanover, IN (2025 Update)

  • Hanover Solar Installation Cost: $24,796
  • 25-Year Savings: $24,255
  • Payback Period: 15.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 24, 2025

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hanover

Find out what the average cost of solar panels are in Hanover.

While the national average of solar panels is $2.66 per watt, solar panels in Hanover generally cost about 4.Because a 8.6-kW system is needed to cover the energy costs of a typical home in Hanover, the average price of going solar will be about $24,796 after claiming the federal solar tax credit of 0.

These figures are just estimates, and how much solar costs for you will most likely vary based on your specific situation and what company you choose to go with.Many homeowners find installing a solar system is a sound investment. The average homeowner in Hanover can save around $18,000 on their energy bills over 20 years.

For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Hanover

YearReturn on Investment
1 years$-23,471
3 years$-20,819
5 years$-18,168
7 years$-15,517
9 years$-12,866
11 years$-10,215
13 years$-7,563
15 years$-4,912
17 years$-2,261
19 years$390
21 years$3,042
23 years$5,693
25 years$8,344

Top Solar Installers in Hanover

Many homeowners decide to hire a solar installer since trying to put up solar panels on your own can be a labor-intensive endeavor. Solar warranties and repairs are usually included in the cost of installation when you opt for a solar company too, which can save you more money after your initial investment.

If you're searching for a solar company in Hanover, the EcoWatch team has compiled a list of our top suggestions here:

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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

See all of the solar companies in Hanover

Factors that Affect Solar Panel Costs in Hanover

Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Hanover: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,100.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Hanover, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

A final consideration when trying to estimate the cost of solar for your home or business in Hanover is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that offer a range of services for different budgets.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 find a 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 sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$4.26$17,909$10,19115.9 years
8 kW$4.18$23,419$14,04715.6 years
10 kW$4.10$28,700$18,13315.3 years
12 kW$4.02$33,751$22,44915.0 years
14 kW$3.94$38,573$26,99414.7 years
16 kW$3.85$43,165$31,76914.4 years
18 kW$3.77$47,527$36,77314.1 years
20 kW$3.69$51,660$42,00713.8 years

How to Save on Solar Panels

Since the brand of solar panels and the installation company you choose significantly affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:

  • Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of 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 good reviews from past customers.
  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
  • Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline incentives and warranties.
  • Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

EcoWatch's Hanover, IN Solar Cost FAQs

How much does it cost to install solar panels in Hanover?

The average cost of solar panels in Hanover 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Hanover?

Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.

Is switching to solar power worth it?

Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.

How often do you have to replace solar panels?

Although 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 their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.