Solar Panel Cost Guide in Bloomington City, IL (2024 Update)
- Bloomington City Solar Installation Cost: $16,692
- 25-Year Savings: $11,096
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Bloomington City
Find out what the average cost of a solar system is in Bloomington City.
The national average cost of solar panels is $2.66 per watt, but in Bloomington City it’s 4 per watt.To cover the typical energy usage of the average home in Bloomington City, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs about $16,692, or $23,870 before the federal solar tax credit of 0 is applied.
The true price you pay can go above or below the average in Bloomington City depending on a few factors, such as the brand of solar panels you choose and the solar company you hire.With typical savings of about $14,000 on utility bills over 20 years, many homeowners in Bloomington City find installing solar panels has a decent ROI.
Click the button below to get connected to a highly rated solar company in Bloomington City for a personalized estimate.
Solar savings over time in Bloomington City
| Year | Return on Investment |
|---|---|
| 1 years | $-15,842 |
| 3 years | $-14,140 |
| 5 years | $-12,439 |
| 7 years | $-10,738 |
| 9 years | $-9,036 |
| 11 years | $-7,335 |
| 13 years | $-5,634 |
| 15 years | $-3,933 |
| 17 years | $-2,231 |
| 19 years | $-530 |
| 21 years | $1,171 |
| 23 years | $2,873 |
| 25 years | $4,574 |
Top Solar Installers in Bloomington City
Many homeowners opt for a solar panel installer since trying to put up solar panels by yourself can be time-consuming. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over time.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 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 Bloomington City
Factors that Affect Solar Panel Costs in Bloomington City
For many Bloomington City homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Bloomington City, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in Bloomington City.The type of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment consists of more than 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 falls within your budget.
Solar Financing Terms
Most solar companies in Bloomington City provide solar loans, which reduce the initial cost of installing a solar system.However, the interest on solar loans also adds to your overall costs, so it’s crucial to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
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 Bloomington City is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for example, you’ll have no shortage of solar installers that offer a range of services at different costs.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $5,540 | 18.7 years |
| 8 kW | $3.84 | $21,477 | $7,807 | 18.3 years |
| 10 kW | $3.76 | $26,320 | $10,286 | 18.0 years |
| 12 kW | $3.68 | $30,952 | $12,975 | 17.6 years |
| 14 kW | $3.61 | $35,374 | $15,874 | 17.3 years |
| 16 kW | $3.53 | $39,585 | $18,984 | 16.9 years |
| 18 kW | $3.46 | $43,586 | $22,304 | 16.5 years |
| 20 kW | $3.38 | $47,376 | $25,836 | 16.2 years |
How to Save on Solar Panels
The solar panel company you opt for will influence 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 some important things you should consider, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar companies carry 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.
- Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Make sure you’re on the same page with the company with 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.
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 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 Bloomington City, IL Solar Cost FAQs
What is the average cost of installing solar panels in Bloomington City?
The average cost of solar panels in Bloomington City is about $18,800 for a 5-kW system and $37,600 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 consume.
Should I lease or buy solar panels in Bloomington City?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is switching to solar power 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, 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 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.