Solar Panel Cost Guide in Hannibal, NY (Sep 2022)

  • Hannibal Solar Installation Cost: $9,458
  • 25-Year Savings: $7,289
  • Payback Period: 14.1 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Hannibal

We go over average solar pricing in Hannibal.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Hannibal, the typical cost of a solar system is $3 per watt. The average solar panel system size in Hannibal is around 4.6 kilowatts, meaning a cost of about $9,458 for a solar installation, or $6,999 after the 30% federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what installation company you go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on energy bills.

You can click the button below to get connected with a top solar company in Hannibal for a quote for your home.

Solar savings over time in Hannibal

Year Return on Investment
1 years $-8,788
3 years $-7,448
5 years $-6,108
7 years $-4,769
9 years $-3,429
11 years $-2,089
13 years $-750
15 years $590
17 years $1,930
19 years $3,270
21 years $4,609
23 years $5,949
25 years $7,289

Top Solar Installers in Hannibal

When making the switch to solar, many homeowners prefer to use a solar company since handling can be a difficult project. Also, if you'd like to maximize your investment in solar power, using a solar company can help with that as well. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.

You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Hannibal:

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 Technology

The Green Panel

★★★★★
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 Hannibal

Factors that Affect Solar Panel Costs in Hannibal

Even though the average cost of solar panels in Hannibal is $9,458, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.

Solar Equipment Size

Size is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The model of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

Most solar companies in Hannibal have solar loans, which reduce the initial cost of installing solar. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

The final significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in Hannibal, you'll have many options to choose from, but each comes at different price points for labor and equipment. Companies that 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 at a higher cost. It's best to do some research and decide on the company that has the products, warranties and services you want and also fits within 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 $3.07 $12,886 $9,045 14.7 years
8 kW $3.01 $16,850 $12,391 14.4 years
10 kW $2.95 $20,650 $15,902 14.1 years
12 kW $2.89 $24,284 $19,578 13.8 years
14 kW $2.83 $27,754 $23,419 13.6 years
16 kW $2.77 $31,058 $27,425 13.3 years
18 kW $2.71 $34,196 $31,597 13.0 years
20 kW $2.66 $37,170 $35,933 12.7 years

Solar Incentives in Hannibal

Name State of NY Commercial PACE Financing Program
Incentive Amount Locally determined
Website Visit here
More Info Click here

Name Residential Solar Tax Credit
Website Visit here
More Info Click here

Name Refundable Clean Heating Fuel Tax Credit (Corporate)
More Info Click here

Name NY-Sun Loan Program
Website Visit here
More Info Click here

Name Residential Wood Heating Fuel Exemption
Incentive Amount 100% exemption
More Info Click here

Name Local Option - Solar Sales Tax Exemption
More Info Click here

Name Solar Sales Tax Exemption
Website Visit here
More Info Click here

Name Local Option - Real Property Tax Exemption for Green Buildings
Website Visit here
More Info Click here

Name Energy Conservation Improvements Property Tax Exemption
Website Visit here
More Info Click here

Name Local Option - Solar, Wind & Biomass Energy Systems Exemption
Website Visit here
More Info Click here

Name NY-Sun PV Incentive Program (Residential, Low-Income, and Small Business)
Website Visit here
More Info Click here

Name Ground Source Heat Pump Rebate Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR
Incentive Amount
Website Visit here
More Info Click here

Name NY Green Bank
Website Visit here
More Info Click here

Name Refundable Clean Heating Fuel Tax Credit (Personal)
Website Visit here
More Info Click here

Name On-Site Wind Incentive Program
Website Visit here
More Info Click here

Name Anaerobic Digester Gas-to-Electricity Rebate and Performance Incentive
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar panel company you opt for will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:

  • Warranty: If you're worried about the longevity of your solar system, verifying your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Solar Panel Brands: Different companies carry various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
  • Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
  • Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.

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 Technology

The Green Panel

★★★★★
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 Hannibal, NY Solar Cost FAQs

How much does it cost to install solar panels in Hannibal?

The average cost of solar panels in Hannibal is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider other than cost when buying solar panels?

The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places 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.

Is going solar worth it?

Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is 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 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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