Solar Panel Cost Guide in Fishers, IN (2024 Update)
- Fishers Solar Installation Cost: $25,487
- 25-Year Savings: $21,979
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Fishers
Let’s have a look at the average cost of solar panels in Fishers.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Fishers, the typical cost of a solar system is 4 per watt.Because a 8.9-kW system is needed to cover the energy needs of a typical home in Fishers, the average price of going solar will be about $25,487 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar system you choose, your solar contractor and more.With typical savings of about $17,000 on electricity bills over 20 years, many homeowners in Fishers find installing solar panels has a decent ROI.
You can click the button below to get connected with a pre-vetted solar company in Fishers for a quote for your home.
Solar savings over time in Fishers
| Year | Return on Investment |
|---|---|
| 1 years | $-24,197 |
| 3 years | $-21,618 |
| 5 years | $-19,038 |
| 7 years | $-16,458 |
| 9 years | $-13,878 |
| 11 years | $-11,298 |
| 13 years | $-8,719 |
| 15 years | $-6,139 |
| 17 years | $-3,559 |
| 19 years | $-979 |
| 21 years | $1,601 |
| 23 years | $4,181 |
| 25 years | $6,760 |
Top Solar Installers in Fishers
Although it's possible to install solar panels yourself, it takes extra labor and expertise. Because of that, almost all homeowners choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
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 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 Fishers
Factors that Affect Solar Panel Costs in Fishers
Although the average cost of a solar system in Fishers is $25,487, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,100.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Fishers, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Companies that 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 choose a company that offers the products, warranties and services you’re looking for and also fits 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 | $8,196 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,388 | 16.8 years |
| 10 kW | $4.10 | $28,700 | $14,809 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,459 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,340 | 15.8 years |
| 16 kW | $3.85 | $43,165 | $26,449 | 15.5 years |
| 18 kW | $3.77 | $47,527 | $30,789 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,358 | 14.8 years |
How to Save on Solar Panels
There are numerous companies to choose from in Fishers, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
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 Fishers, IN Solar Cost FAQs
What is the average cost of installing solar panels in Fishers?
The average cost of solar panels in Fishers 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 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 Fishers?
Leasing solar panels can be an attractive choice, because it usually 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 way to go if you want to get the most savings.
Can solar panels completely eradicate my power bills?
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 $870.18 per year.
How long do solar panels last in Fishers?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production 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.