Solar Panel Cost Guide in Hanover, IN (2023 Update)
- Hanover Solar Installation Cost: $16,209
- 25-Year Savings: $24,255
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hanover
We break down average solar pricing in Hanover.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hanover, the average cost of solar panels is 2.68 per watt. The average Hanover homeowner needs a 8.6-kilowatt system, which would cost about $16,209 with the federal tax credit, or $23,179 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with. Despite the high initial cost, the average Hanover homeowner can save about $18,000 on their energy bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a highly rated solar company in Hanover for a customized estimate.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-14,590 |
| 3 years | $-11,353 |
| 5 years | $-8,116 |
| 7 years | $-4,879 |
| 9 years | $-1,642 |
| 11 years | $1,595 |
| 13 years | $4,832 |
| 15 years | $8,069 |
| 17 years | $11,306 |
| 19 years | $14,543 |
| 21 years | $17,780 |
| 23 years | $21,018 |
| 25 years | $24,255 |
Top Solar Installers in Hanover
Many homeowners decide to hire a solar panel company since trying to put up solar panels by yourself can be a labor-intensive endeavor. Companies can also offer access to quality options of the best solar panels and help you choose which one will be best for you.
If you're on the hunt for a solar installer in Hanover, 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 Hanover
Factors that Affect Solar Panel Costs in Hanover
Although the average cost of a solar system in Hanover is $16,209, your final cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,680. The brand of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is 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 researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hanover to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Hanover, and each can charge varying amounts for labor and 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 come with an above-average cost. It's best to do some research and find a company that offers 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 | $16,394 | 10.4 years |
| 8 kW | $2.73 | $15,308 | $22,159 | 10.2 years |
| 10 kW | $2.68 | $18,760 | $28,073 | 10.0 years |
| 12 kW | $2.63 | $22,062 | $34,138 | 9.8 years |
| 14 kW | $2.57 | $25,213 | $40,353 | 9.6 years |
| 16 kW | $2.52 | $28,215 | $46,718 | 9.4 years |
| 18 kW | $2.47 | $31,067 | $53,234 | 9.2 years |
| 20 kW | $2.41 | $33,768 | $59,899 | 9.0 years |
How to Save on Solar Panels
There are a large number of companies available in Hanover, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 Hanover, IN Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Hanover?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Hanover?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Hanover?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.