Solar Panel Cost Guide in Hannibal, MO (2024 Update)
- Hannibal Solar Installation Cost: $17,360
- 25-Year Savings: $22,121
- Payback Period: 12.2 Years
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Average Cost of Solar Panels in Hannibal
Find out what the average cost of a solar system is in Hannibal.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hannibal, the typical cost of solar panels is 3 per watt.To cover the typical energy needs of the average home in Hannibal, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,360, or $24,825 before the federal solar tax credit of 0 is applied.
The true cost of your system can be higher or lower than the average in Hannibal depending on several factors, such as the type of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Hannibal see about $18,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Hannibal
| Year | Return on Investment |
|---|---|
| 1 years | $-16,070 |
| 3 years | $-13,488 |
| 5 years | $-10,907 |
| 7 years | $-8,326 |
| 9 years | $-5,745 |
| 11 years | $-3,164 |
| 13 years | $-583 |
| 15 years | $1,998 |
| 17 years | $4,580 |
| 19 years | $7,161 |
| 21 years | $9,742 |
| 23 years | $12,323 |
| 25 years | $14,904 |
Top Solar Installers in Hannibal
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar panel installer can make your switch to solar power much easier. Solar warranties and repairs are ordinarily included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money after your upfront investment.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- 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
- 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 Hannibal
Factors that Affect Solar Panel Costs in Hannibal
For many Hannibal homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hannibal, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Hannibal, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past energy bills. Your overall cost can increase by around $3,370 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Hannibal, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they cut back your upfront costs and allow you to 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 crucial to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact how much it costs. Hannibal’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.50 | $14,720 | $14,194 | 12.7 years |
| 8 kW | $3.44 | $19,249 | $19,302 | 12.5 years |
| 10 kW | $3.37 | $23,590 | $24,600 | 12.2 years |
| 12 kW | $3.30 | $27,742 | $30,086 | 12.0 years |
| 14 kW | $3.24 | $31,705 | $35,760 | 11.7 years |
| 16 kW | $3.17 | $35,479 | $41,624 | 11.5 years |
| 18 kW | $3.10 | $39,065 | $47,676 | 11.3 years |
| 20 kW | $3.03 | $42,462 | $53,917 | 11.0 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Contract: Look through the contract terms closely to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating your electrical system or roof.
- Reputation: Your solar installer should have a sound 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best National Provider
SunPower
- 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
- 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 Hannibal, MO Solar Cost FAQs
What is the average cost of installing solar panels in Hannibal?
The average cost of solar panels in Hannibal is about $16,850 for a 5-kW system and $33,700 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Hannibal?
You can’t get solar panels for free in Hannibal. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses 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.