Solar Panel Cost Guide in Evansville, IN (2024 Update)
- Evansville Solar Installation Cost: $24,325
- 25-Year Savings: $34,351
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Evansville
See how much it might cost to install solar panels in Evansville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Evansville, the typical cost of a solar system is 4 per watt.Using this figure, a typical 8.5-kW system would cost about $24,325 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Evansville depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.Many homeowners find going solar is a fruitful investment. The average homeowner in Evansville can save around $23,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Evansville for a quote for your home.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-22,543 |
| 3 years | $-18,979 |
| 5 years | $-15,415 |
| 7 years | $-11,852 |
| 9 years | $-8,288 |
| 11 years | $-4,724 |
| 13 years | $-1,160 |
| 15 years | $2,404 |
| 17 years | $5,967 |
| 19 years | $9,531 |
| 21 years | $13,095 |
| 23 years | $16,659 |
| 25 years | $20,223 |
Top Solar Installers in Evansville
When going solar, many homeowners decide to hire a solar installer since putting up a solar system yourself can be a difficult project. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
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 Evansville
Factors that Affect Solar Panel Costs in Evansville
There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,100. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more 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
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Evansville homeowners decide to finance their solar panel systems to offset upfront costs.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Evansville, and each can charge varying amounts for labor and 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 provides the products, warranties and services you’re looking for 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 | $17,665 | 12.6 years |
| 8 kW | $4.18 | $23,419 | $24,012 | 12.3 years |
| 10 kW | $4.10 | $28,700 | $30,589 | 12.1 years |
| 12 kW | $4.02 | $33,751 | $37,396 | 11.9 years |
| 14 kW | $3.94 | $38,573 | $44,432 | 11.6 years |
| 16 kW | $3.85 | $43,165 | $51,698 | 11.4 years |
| 18 kW | $3.77 | $47,527 | $59,193 | 11.1 years |
| 20 kW | $3.69 | $51,660 | $66,918 | 10.9 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
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 Evansville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Evansville?
The average cost of solar panels in Evansville is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,185.78 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.