Solar Panel Cost Guide in Elwood, IN (2024 Update)
- Elwood Solar Installation Cost: $25,459
- 25-Year Savings: $21,896
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Elwood
We go over average solar pricing in Elwood.
The average cost of a solar system in Elwood is 4 per watt.The average Elwood homeowner needs a 8.9-kilowatt system, which would cost about $25,459 with the federal tax credit, or $36,406 before the 0 tax credit is applied.
The actual price you pay can be higher or lower than the average in Elwood depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire.With average savings of about $17,000 on electricity bills over 20 years, many homeowners in Elwood find investing in solar has a decent ROI.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Elwood
| Year | Return on Investment |
|---|---|
| 1 years | $-23,842 |
| 3 years | $-20,607 |
| 5 years | $-17,372 |
| 7 years | $-14,137 |
| 9 years | $-10,903 |
| 11 years | $-7,668 |
| 13 years | $-4,433 |
| 15 years | $-1,198 |
| 17 years | $2,037 |
| 19 years | $5,272 |
| 21 years | $8,507 |
| 23 years | $11,741 |
| 25 years | $14,976 |
Top Solar Installers in Elwood
Many homeowners choose to use a solar installation company since trying to put up solar panels on your own can be a lot of work. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
If you’d like to go solar but still aren’t sure which solar installer to go with, here are our recommendations for providers nearby:
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 Elwood
Factors that Affect Solar Panel Costs in Elwood
Though the average cost of a solar system in Elwood is $25,459, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,100.The solar equipment you choose can bring your price up or down 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, higher efficiency could save you more over time on your power bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Elwood average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Elwood, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the amount of 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can impact how much it costs. Elwood’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fit into 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 | $8,157 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,335 | 16.8 years |
| 10 kW | $4.10 | $28,700 | $14,742 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,380 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,246 | 15.9 years |
| 16 kW | $3.85 | $43,165 | $26,343 | 15.5 years |
| 18 kW | $3.77 | $47,527 | $30,669 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,225 | 14.9 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your total 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 take into account, such as:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- 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 like a system component breaking or the company going out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for a long time 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 Elwood, IN Solar Cost FAQs
How much does it cost to install solar panels in Elwood?
This is a hard question to answer exactly, 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. You can expect to pay more 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 opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $868.85 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.