Solar Panel Cost Guide in Hoopeston, IL (2024 Update)
- Hoopeston Solar Installation Cost: $16,686
- 25-Year Savings: $13,162
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Hoopeston
Let’s have a look at the average cost of solar in Hoopeston.
Although the national average of solar panels is $2.66 per watt, solar panels in Hoopeston typically cost around 4.To cover the typical energy usage of the average home in Hoopeston, most homeowners require a 6.3-kilowatt system. Using the figure above, a solar installation costs about $16,686, or $23,861 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Hoopeston homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar is worth paying. On average Hoopeston homeowners see about $15,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Hoopeston
| Year | Return on Investment |
|---|---|
| 1 years | $-15,835 |
| 3 years | $-14,134 |
| 5 years | $-12,432 |
| 7 years | $-10,731 |
| 9 years | $-9,030 |
| 11 years | $-7,329 |
| 13 years | $-5,627 |
| 15 years | $-3,926 |
| 17 years | $-2,225 |
| 19 years | $-523 |
| 21 years | $1,178 |
| 23 years | $2,879 |
| 25 years | $4,581 |
Top Solar Installers in Hoopeston
Installing solar panels yourself can be a time-consuming undertaking, which is why using a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you take advantage of incentives in Hoopeston, optimizing your ROI.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Hoopeston
Factors that Affect Solar Panel Costs in Hoopeston
For many Hoopeston homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Hoopeston, 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
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. The kind of solar equipment you choose can increase or decrease your cost 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. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Hoopeston average.
Solar Financing Terms
Many homeowners find the average cost of solar in Hoopeston to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest.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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you select will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $7,500 | 17.2 years |
| 8 kW | $3.84 | $21,477 | $10,421 | 16.8 years |
| 10 kW | $3.76 | $26,320 | $13,552 | 16.5 years |
| 12 kW | $3.68 | $30,952 | $16,894 | 16.2 years |
| 14 kW | $3.61 | $35,374 | $20,447 | 15.8 years |
| 16 kW | $3.53 | $39,585 | $24,210 | 15.5 years |
| 18 kW | $3.46 | $43,586 | $28,184 | 15.2 years |
| 20 kW | $3.38 | $47,376 | $32,368 | 14.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Hoopeston, IL Solar Cost FAQs
How much does it cost to install solar panels in Hoopeston?
The average cost of solar panels in Hoopeston 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 kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Hoopeston?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on energy bills after installing solar panels?
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 $797.44 per year.
How long do solar panels last in Hoopeston?
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.