Solar Panel Cost Guide in Hannibal, MO (2023 Update)
- Hannibal Solar Installation Cost: $13,344
- 25-Year Savings: $22,120
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hannibal
Here's how much it might cost to go solar in Hannibal.
In Hannibal, solar panels cost about 2.59 per watt on average. The average solar panel system size in Hannibal is around 7.4 kilowatts, meaning a cost of about $13,344 for a solar installation, or $19,082 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what company you go with. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Hannibal see about $18,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hannibal
| Year | Return on Investment |
|---|---|
| 1 years | $-11,925 |
| 3 years | $-9,088 |
| 5 years | $-6,251 |
| 7 years | $-3,414 |
| 9 years | $-577 |
| 11 years | $2,260 |
| 13 years | $5,097 |
| 15 years | $7,934 |
| 17 years | $10,772 |
| 19 years | $13,609 |
| 21 years | $16,446 |
| 23 years | $19,283 |
| 25 years | $22,120 |
Top Solar Installers in Hannibal
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make switching to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Hannibal:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Hannibal
Factors that Affect Solar Panel Costs in Hannibal
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Hannibal: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,590 per kilowatt in Hannibal. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also adds to your overall costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
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 Hannibal is the company you get to install your solar panel system. As with 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. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.69 | $11,313 | $17,601 | 9.8 years |
| 8 kW | $2.64 | $14,794 | $23,758 | 9.6 years |
| 10 kW | $2.59 | $18,130 | $30,060 | 9.4 years |
| 12 kW | $2.54 | $21,321 | $36,507 | 9.2 years |
| 14 kW | $2.49 | $24,367 | $43,099 | 9.0 years |
| 16 kW | $2.43 | $27,268 | $49,836 | 8.8 years |
| 18 kW | $2.38 | $30,023 | $56,718 | 8.7 years |
| 20 kW | $2.33 | $32,634 | $63,745 | 8.5 years |
How to Save on Solar Panels
The solar installer you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: If you care about the longevity of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Hannibal, MO Solar Cost FAQs
How much does it cost to install solar panels in Hannibal?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,950 for a 5-kW system and $25,900 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Hannibal?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 bang for your buck from going solar.
Do solar panels increase your property value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose 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.