Solar Panel Cost Guide in Cumberland, IN (2024 Update)
- Cumberland Solar Installation Cost: $25,412
- 25-Year Savings: $23,585
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Cumberland
We break down average solar pricing in Cumberland.
The average cost of solar panels in Cumberland is 4 per watt.To account for the typical energy usage of the average home in Cumberland, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs around $25,412, or $36,339 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what company you go with.With typical savings of about $17,000 on utility bills over 20 years, many homeowners in Cumberland find installing solar panels can be quite rewarding.
Click the button below to get connected to a vetted solar company in Cumberland for a custom estimate.
Solar savings over time in Cumberland
| Year | Return on Investment |
|---|---|
| 1 years | $-24,127 |
| 3 years | $-21,557 |
| 5 years | $-18,988 |
| 7 years | $-16,418 |
| 9 years | $-13,849 |
| 11 years | $-11,279 |
| 13 years | $-8,709 |
| 15 years | $-6,140 |
| 17 years | $-3,570 |
| 19 years | $-1,000 |
| 21 years | $1,569 |
| 23 years | $4,139 |
| 25 years | $6,708 |
Top Solar Installers in Cumberland
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of an installer can make switching to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you’d like to start using solar energy but still aren’t certain which solar system company to go with, here are our suggestions for providers in Cumberland:
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 Technology
Tesla Energy
- 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 Cumberland
Factors that Affect Solar Panel Costs in Cumberland
Even though the average cost of a solar system in Cumberland is $25,412, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $4,100 per kilowatt in Cumberland.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Cumberland, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact the cost. Cumberland’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-quality, high-efficiency and high-price products — 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 go with the company that offers the products, warranties and services you want and also is 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 | $4.26 | $17,909 | $9,329 | 16.4 years |
| 8 kW | $4.18 | $23,419 | $12,898 | 16.1 years |
| 10 kW | $4.10 | $28,700 | $16,697 | 15.8 years |
| 12 kW | $4.02 | $33,751 | $20,725 | 15.5 years |
| 14 kW | $3.94 | $38,573 | $24,983 | 15.2 years |
| 16 kW | $3.85 | $43,165 | $29,470 | 14.9 years |
| 18 kW | $3.77 | $47,527 | $34,187 | 14.5 years |
| 20 kW | $3.69 | $51,660 | $39,134 | 14.2 years |
How to Save on Solar Panels
There are a lot of companies available in Cumberland, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- 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 part breaking or if the company goes out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
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 Technology
Tesla Energy
- 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 Cumberland, IN Solar Cost FAQs
How much does it cost to install solar panels in Cumberland?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Cumberland?
Leasing solar panels can be an appealing choice, because it often 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on electricity 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 $907.94 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.