Solar Panel Cost Guide in Lawrenceburg, IN (2024 Update)
- Lawrenceburg Solar Installation Cost: $24,917
- 25-Year Savings: $22,524
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Lawrenceburg
See how much it might cost to go solar in Lawrenceburg.
The national average cost of solar panels is $2.66 per watt, but in Lawrenceburg it’s 4 per watt.The average solar panel system size in Lawrenceburg is around 8.7 kilowatts, meaning a cost of about $24,917 for a solar installation, or $35,631 before the 0 federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you want to go with.Even with the high upfront cost, the average Lawrenceburg homeowner can save about $17,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a reputable solar company in Lawrenceburg for a custom estimate.
Solar savings over time in Lawrenceburg
| Year | Return on Investment |
|---|---|
| 1 years | $-23,591 |
| 3 years | $-20,940 |
| 5 years | $-18,289 |
| 7 years | $-15,637 |
| 9 years | $-12,986 |
| 11 years | $-10,335 |
| 13 years | $-7,684 |
| 15 years | $-5,032 |
| 17 years | $-2,381 |
| 19 years | $270 |
| 21 years | $2,921 |
| 23 years | $5,572 |
| 25 years | $8,224 |
Top Solar Installers in Lawrenceburg
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make swapping over to solar power much easier. 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.
Working with a licensed solar installer 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 Lawrenceburg
Factors that Affect Solar Panel Costs in Lawrenceburg
For many Lawrenceburg homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lawrenceburg, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $4,100 per kilowatt in Lawrenceburg.The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about 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
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Lawrenceburg homeowners choose to finance their solar panel systems to make going solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating in Lawrenceburg, and each can charge varying amounts for labor and equipment.Some companies 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 at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you want and also fit into 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 | $8,914 | 16.7 years |
| 8 kW | $4.18 | $23,419 | $12,344 | 16.4 years |
| 10 kW | $4.10 | $28,700 | $16,004 | 16.0 years |
| 12 kW | $4.02 | $33,751 | $19,894 | 15.7 years |
| 14 kW | $3.94 | $38,573 | $24,013 | 15.4 years |
| 16 kW | $3.85 | $43,165 | $28,362 | 15.1 years |
| 18 kW | $3.77 | $47,527 | $32,941 | 14.8 years |
| 20 kW | $3.69 | $51,660 | $37,749 | 14.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- 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.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of 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.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
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 Lawrenceburg, IN Solar Cost FAQs
How much does it cost to install solar panels in Lawrenceburg?
This is a hard question to answer exactly, 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lawrenceburg?
Solar panels aren’t free in Lawrenceburg, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $894.09 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses 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.