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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hannibal

Let’s have a look at the average cost of solar panels in Hannibal.

The national average cost of solar panels is $2.66 per watt, but in Hannibal it’s 4 per watt.Because a 4.6-kW system is needed to cover the energy usage of a typical home in Hannibal, the average price of going solar will be about $11,706 after claiming the federal solar tax credit of 0.

Keep in mind that the figures above are only estimates based on the average energy use of Hannibal homeowners. 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.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $14,000 over 20 years on utility bills.

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 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 Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 comes down to 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 a few factors that considerably 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 few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use 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.There are many different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far 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 Hannibal to be prohibitively steep, 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 lead to a higher cost over time because of interest.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Hannibal is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets.Some companies only sell products with high efficiency and therefore a higher price point — 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 decide on the company that provides the products, warranties and services you want and also fit into 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 $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 kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
  • Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.

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 Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important thing to consider when buying solar panels?

Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Can solar panels significantly reduce my energy bills?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Hannibal, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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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