Solar Panel Cost Guide in Elkhart, IN (2024 Update)
- Elkhart Solar Installation Cost: $25,934
- 25-Year Savings: $26,274
- Payback Period: 15.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Elkhart
Find out what the average cost of solar panel installation is in Elkhart.
Although the national average of solar panels is $2.66 per watt, solar panels in Elkhart typically cost about 4.To cover the typical energy needs of the average home in Elkhart, most homeowners require a 9.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $25,934, or $37,086 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Elkhart homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Even with the significant upfront cost, the average Elkhart homeowner can save around $18,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in Elkhart that can help you get a more accurate cost estimate for your home.
Solar savings over time in Elkhart
| Year | Return on Investment |
|---|---|
| 1 years | $-24,317 |
| 3 years | $-21,082 |
| 5 years | $-17,847 |
| 7 years | $-14,612 |
| 9 years | $-11,377 |
| 11 years | $-8,143 |
| 13 years | $-4,908 |
| 15 years | $-1,673 |
| 17 years | $1,562 |
| 19 years | $4,797 |
| 21 years | $8,032 |
| 23 years | $11,267 |
| 25 years | $14,501 |
Top Solar Installers in Elkhart
When going solar, many homeowners opt to hire a solar company since putting up solar panels yourself can be a difficult project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Elkhart:
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 Elkhart
Factors that Affect Solar Panel Costs in Elkhart
There are a number of criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why 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 brand of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, 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
If paying for solar panels in cash is too expensive, solar loans are a popular choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Though solar loans make adopting solar energy more accessible for Elkhart homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Elkhart, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $10,793 | 15.6 years |
| 8 kW | $4.18 | $23,419 | $14,849 | 15.3 years |
| 10 kW | $4.10 | $28,700 | $19,136 | 15.0 years |
| 12 kW | $4.02 | $33,751 | $23,652 | 14.7 years |
| 14 kW | $3.94 | $38,573 | $28,397 | 14.4 years |
| 16 kW | $3.85 | $43,165 | $33,372 | 14.1 years |
| 18 kW | $3.77 | $47,527 | $38,577 | 13.8 years |
| 20 kW | $3.69 | $51,660 | $44,012 | 13.5 years |
How to Save on Solar Panels
The solar installer you go with will impact 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 a few important things you should keep in mind, including:
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Solar Panel Brands: The kind of solar panel you need plays a part in which installer you should opt for, since different companies have different panels.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
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 Elkhart, IN Solar Cost FAQs
What is the average cost of installing solar panels in Elkhart?
This is a hard question to answer precisely, because the cost depends on a few different 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 extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elkhart?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to 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.
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?
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 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.