Solar Panel Cost Guide in Greencastle, IN (2024 Update)
- Greencastle Solar Installation Cost: $25,183
- 25-Year Savings: $25,274
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in Greencastle
We break down average solar pricing in Greencastle.
The national average cost of solar panels is $2.66 per watt, but in Greencastle it’s 4 per watt.Using this figure, a typical 8.8-kW system would cost about $25,183 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Despite the large upfront cost, the average Greencastle homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Greencastle
| Year | Return on Investment |
|---|---|
| 1 years | $-23,857 |
| 3 years | $-21,206 |
| 5 years | $-18,555 |
| 7 years | $-15,903 |
| 9 years | $-13,252 |
| 11 years | $-10,601 |
| 13 years | $-7,950 |
| 15 years | $-5,299 |
| 17 years | $-2,647 |
| 19 years | $4 |
| 21 years | $2,655 |
| 23 years | $5,306 |
| 25 years | $7,958 |
Top Solar Installers in Greencastle
Trying to install solar panels by yourself can be a dangerous undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance in the long run.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Greencastle
Factors that Affect Solar Panel Costs in Greencastle
Even though the average cost of a solar system in Greencastle is $25,183, your actual cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant 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 type of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Most solar installers in Greencastle provide solar loans, which reduce your upfront costs of installing solar panels.While solar loans make going solar more accessible for Greencastle homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Greencastle, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Greencastle know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,630 | 15.7 years |
| 8 kW | $4.18 | $23,419 | $14,632 | 15.4 years |
| 10 kW | $4.10 | $28,700 | $18,864 | 15.1 years |
| 12 kW | $4.02 | $33,751 | $23,325 | 14.8 years |
| 14 kW | $3.94 | $38,573 | $28,017 | 14.5 years |
| 16 kW | $3.85 | $43,165 | $32,937 | 14.2 years |
| 18 kW | $3.77 | $47,527 | $38,088 | 13.9 years |
| 20 kW | $3.69 | $51,660 | $43,468 | 13.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Contract: Before signing a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
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 Greencastle, IN Solar Cost FAQs
What is the average cost of installing solar panels in Greencastle?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly 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 other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Greencastle have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 should be disposed of at that time. What this means is how much energy they produce 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.