Solar Panel Cost Guide in Hanover, IN (Dec 2022)

  • Hanover Solar Installation Cost: $16,209
  • 25-Year Savings: $24,255
  • Payback Period: 10.0 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Hanover

Let's have a look at the average cost of solar panels in Hanover.

In Hanover, solar panels cost about $3 per watt on average. Since 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 $16,209 before claiming the federal solar tax credit of 30%.

Bear in mind that the figures above are only estimates based on the average Hanover homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the high initial cost, the average Hanover homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.

You can click the button below to get connected with a top solar installer in Hanover that can help you get a more accurate cost estimate for your home.

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 opt for a solar panel company since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance in the long run.

You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

There are a number of criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment

When it comes to estimating the cost of solar panels in Hanover, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also cost more. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Many homeowners find the average cost of solar in Hanover to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. Even though solar loans make switching to solar energy more accessible for Hanover homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Hanover is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.

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

Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Look through the contract terms carefully to make sure you understand the overall cost, project timeline incentives and warranties.
  • Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
  • Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

What is the average cost of installing solar panels in Hanover?

This is a hard question to answer exactly, because the cost depends on a variety of 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in Hanover?

A solar panel system isn't free in Hanover, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Can solar panels eliminate my power bills?

Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $936.67 per year.

How often do you have to replace solar panels?

On average, solar panels can last 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 level 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.

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