Solar Panel Cost Guide in Hannibal, NY (2024 Update)
- Hannibal Solar Installation Cost: $11,706
- 25-Year Savings: $7,286
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Hannibal
Let’s have a look at the average cost of solar panels in Hannibal.
The average cost of solar panels in Hannibal is 4 per watt.To cover the typical energy needs of the average home in Hannibal, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,706, or $16,740 before the federal solar tax credit of 0 is applied.
The actual price you pay can go above or below the average in Hannibal based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire.Despite the significant upfront cost, the average Hannibal homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Hannibal
| Year | Return on Investment |
|---|---|
| 1 years | $-10,797 |
| 3 years | $-8,980 |
| 5 years | $-7,163 |
| 7 years | $-5,346 |
| 9 years | $-3,529 |
| 11 years | $-1,712 |
| 13 years | $106 |
| 15 years | $1,923 |
| 17 years | $3,740 |
| 19 years | $5,557 |
| 21 years | $7,374 |
| 23 years | $9,191 |
| 25 years | $11,008 |
Top Solar Installers in Hannibal
Many homeowners opt for a solar panel installer since figuring out how to install solar panels yourself can be a lot of work. The payback period on a solar system will vary based on factors like your location and energy consumption, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you’d like to make the switch to solar but still aren’t sure which solar company to go with, here are our recommendations for providers near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Hannibal
Factors that Affect Solar Panel Costs in Hannibal
For many Hannibal homeowners, the decision to install a solar energy system depends 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 significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,650.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Hannibal average.
Solar Financing Terms
Many homeowners find the average cost of solar in Hannibal to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can affect your pricing. Hannibal’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $3.80 | $15,943 | $5,988 | 18.2 years |
| 8 kW | $3.72 | $20,849 | $8,393 | 17.8 years |
| 10 kW | $3.65 | $25,550 | $11,002 | 17.5 years |
| 12 kW | $3.58 | $30,047 | $13,815 | 17.1 years |
| 14 kW | $3.50 | $34,339 | $16,833 | 16.8 years |
| 16 kW | $3.43 | $38,427 | $20,056 | 16.4 years |
| 18 kW | $3.36 | $42,311 | $23,482 | 16.1 years |
| 20 kW | $3.29 | $45,990 | $27,113 | 15.7 years |
How to Save on Solar Panels
Since the type of solar panels and the company 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:
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Hannibal, NY Solar Cost FAQs
What is the average cost of installing solar panels in Hannibal?
The average cost of solar panels in Hannibal is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $731.03 per year.
How long do solar panels last in Hannibal?
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 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.