Solar Panel Cost Guide in Lafayette, IN (2024 Update)
- Lafayette Solar Installation Cost: $25,470
- 25-Year Savings: $23,870
- Payback Period: 15.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lafayette
Let’s take a look at the average cost of solar panels in Lafayette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lafayette, the average cost of a solar system is 4 per watt.Using this figure, a typical 8.9-kW system would cost about $25,470 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Lafayette based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Lafayette can save about $17,000 on their energy bills over 20 years.
To receive a free quote from a highly rated solar company in Lafayette, you can click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-24,145 |
| 3 years | $-21,493 |
| 5 years | $-18,842 |
| 7 years | $-16,191 |
| 9 years | $-13,540 |
| 11 years | $-10,888 |
| 13 years | $-8,237 |
| 15 years | $-5,586 |
| 17 years | $-2,935 |
| 19 years | $-284 |
| 21 years | $2,368 |
| 23 years | $5,019 |
| 25 years | $7,670 |
Top Solar Installers in Lafayette
Although you can install solar panels by yourself, it involves extra energy and know-how. Because of that, almost all homeowners choose to hire a solar panel installer. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
Working with a licensed solar company can help you make the most of your investment in solar. 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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
While the average cost of a solar system in Lafayette is $25,470, your final cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,100. There are a lot of different solar panel brands and the one you pick also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Lafayette homeowners opt to finance their solar panel systems to offset upfront costs.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lafayette is the company you get to install your PV system. As with choosing a company to build a deck or pool, for instance, you’ll have no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access 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 down 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 | $9,485 | 16.3 years |
| 8 kW | $4.18 | $23,419 | $13,106 | 16.0 years |
| 10 kW | $4.10 | $28,700 | $16,957 | 15.7 years |
| 12 kW | $4.02 | $33,751 | $21,037 | 15.4 years |
| 14 kW | $3.94 | $38,573 | $25,347 | 15.1 years |
| 16 kW | $3.85 | $43,165 | $29,886 | 14.8 years |
| 18 kW | $3.77 | $47,527 | $34,655 | 14.5 years |
| 20 kW | $3.69 | $51,660 | $39,654 | 14.1 years |
How to Save on Solar Panels
There are a large number of companies available in Lafayette, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: If you care about the durability of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: An important thing to understand when going solar 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 acquire and how long the project will take.
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 Lafayette, IN Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
This is a difficult question to answer precisely, because the cost depends on a few different 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lafayette?
You can’t get solar panels for free in Lafayette. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Lafayette?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.