Solar Panel Cost Guide in Kokomo, IN (2024 Update)
- Kokomo Solar Installation Cost: $25,465
- 25-Year Savings: $24,110
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Kokomo
We go over average solar pricing in Kokomo.
The national average cost of solar panels is $2.66 per watt, but in Kokomo it’s 4 per watt.The average solar panel system size in Kokomo is around 8.9 kilowatts, meaning a cost of about $25,465 for a solar installation, or $36,415 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs will vary based on your energy needs and what company you choose to go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $17,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar company in Kokomo that can help you get a more accurate cost estimate for your home.
Solar savings over time in Kokomo
| Year | Return on Investment |
|---|---|
| 1 years | $-24,139 |
| 3 years | $-21,488 |
| 5 years | $-18,837 |
| 7 years | $-16,186 |
| 9 years | $-13,534 |
| 11 years | $-10,883 |
| 13 years | $-8,232 |
| 15 years | $-5,581 |
| 17 years | $-2,930 |
| 19 years | $-278 |
| 21 years | $2,373 |
| 23 years | $5,024 |
| 25 years | $7,675 |
Top Solar Installers in Kokomo
Installing solar panels on your own can be a time-consuming project, which is why using a solar installer is a good option for many homeowners. Some solar companies, especially local ones, can help you make the most of incentives in Kokomo, thereby optimizing your ROI.
If you're on the hunt for a solar company in Kokomo, we've put together a list of our top suggestions here:
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 Kokomo
Factors that Affect Solar Panel Costs in Kokomo
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Kokomo: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Kokomo, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $4,100 for each additional kilowatt you need.The kind of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on 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 panels out of pocket can be a challenge. Solar loans are offered by most installers in Kokomo, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you pick will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $9,651 | 16.2 years |
| 8 kW | $4.18 | $23,419 | $13,327 | 15.9 years |
| 10 kW | $4.10 | $28,700 | $17,233 | 15.6 years |
| 12 kW | $4.02 | $33,751 | $21,368 | 15.3 years |
| 14 kW | $3.94 | $38,573 | $25,733 | 15.0 years |
| 16 kW | $3.85 | $43,165 | $30,327 | 14.7 years |
| 18 kW | $3.77 | $47,527 | $35,151 | 14.4 years |
| 20 kW | $3.69 | $51,660 | $40,205 | 14.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Kokomo, IN Solar Cost FAQs
How much does it cost to install solar panels in Kokomo?
This is a difficult question to answer precisely, because the cost depends on many 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Kokomo?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on energy bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Kokomo, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Kokomo?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.