Solar Panel Cost Guide in Indianapolis, IN (2024 Update)
- Indianapolis Solar Installation Cost: $25,331
- 25-Year Savings: $21,991
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Indianapolis
We break down average solar pricing in Indianapolis.
In Indianapolis, solar panels cost about 4 per watt on average.Since a 8.8-kW system is needed to cover the energy costs of a typical home in Indianapolis, the average price of going solar will be about $25,331 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more.Many homeowners find going solar is a rewarding investment. The average homeowner in Indianapolis can save around $17,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Indianapolis
| Year | Return on Investment |
|---|---|
| 1 years | $-24,046 |
| 3 years | $-21,476 |
| 5 years | $-18,907 |
| 7 years | $-16,337 |
| 9 years | $-13,768 |
| 11 years | $-11,198 |
| 13 years | $-8,628 |
| 15 years | $-6,059 |
| 17 years | $-3,489 |
| 19 years | $-919 |
| 21 years | $1,650 |
| 23 years | $4,220 |
| 25 years | $6,789 |
Top Solar Installers in Indianapolis
Although it's possible to install solar panels yourself, it takes extra labor and handiness. For that reason, most homeowners choose a solar panel installer. Plus, if you aren’t sure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Indianapolis
Factors that Affect Solar Panel Costs in Indianapolis
The cost of installing a solar system in Indianapolis can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, 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 researching a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Indianapolis, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.When figuring 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 reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you pick will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $8,297 | 17.1 years |
| 8 kW | $4.18 | $23,419 | $11,521 | 16.8 years |
| 10 kW | $4.10 | $28,700 | $14,976 | 16.4 years |
| 12 kW | $4.02 | $33,751 | $18,660 | 16.1 years |
| 14 kW | $3.94 | $38,573 | $22,573 | 15.8 years |
| 16 kW | $3.85 | $43,165 | $26,716 | 15.4 years |
| 18 kW | $3.77 | $47,527 | $31,089 | 15.1 years |
| 20 kW | $3.69 | $51,660 | $35,691 | 14.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly affects your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Indianapolis, IN Solar Cost FAQs
How much does it cost to install solar panels in Indianapolis?
The average cost of solar panels in Indianapolis 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost 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.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.