Solar Panel Cost Guide in Bloomington, IN (2024 Update)

  • Bloomington Solar Installation Cost: $24,902
  • 25-Year Savings: $28,767
  • Payback Period: 13.8 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 Bloomington

Find out what the average cost of solar panels are in Bloomington.

While the national average of solar panels is $2.66 per watt, solar panels in Bloomington generally cost about 4.The average solar panel system size in Bloomington is around 8.7 kilowatts, meaning a cost of about $24,902 for a solar installation, or $35,610 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Bloomington can save about $20,000 on their power bills over 20 years.

For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Bloomington

Year Return on Investment
1 years $-23,516
3 years $-20,744
5 years $-17,972
7 years $-15,200
9 years $-12,428
11 years $-9,656
13 years $-6,884
15 years $-4,112
17 years $-1,340
19 years $1,432
21 years $4,204
23 years $6,976
25 years $9,748

Top Solar Installers in Bloomington

When making the switch to solar, many homeowners prefer to hire a solar installer since putting up solar panels yourself can be a difficult project. Another good thing about using a top solar installer is that it'll provide warranties and free repairs, which help protect your investment.

If you're looking for a solar company in Bloomington, the EcoWatch team has put together a list of our top suggestions here:

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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Bloomington

Factors that Affect Solar Panel Costs in Bloomington

For many Bloomington homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Bloomington, 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

System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient 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 much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Bloomington homeowners decide to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also increases your overall costs, so it’s vital to keep that in mind 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 evaluate the cost of solar for your home or business in Bloomington is the company you choose to install your PV system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services for different budgets.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 $4.26 $17,909 $13,239 14.4 years
8 kW $4.18 $23,419 $18,112 14.1 years
10 kW $4.10 $28,700 $23,214 13.8 years
12 kW $4.02 $33,751 $28,545 13.5 years
14 kW $3.94 $38,573 $34,106 13.3 years
16 kW $3.85 $43,165 $39,897 13.0 years
18 kW $3.77 $47,527 $45,917 12.7 years
20 kW $3.69 $51,660 $52,167 12.4 years

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
  • Warranty: If you’re worried about the durability of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.

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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Bloomington, IN Solar Cost FAQs

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

The average cost of solar panels in Bloomington is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Bloomington?

Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 will installing solar panels impact how much my home is worth?

Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

How often do you have to replace solar panels?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.

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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