Solar Panel Cost Guide in Marion, IN (2024 Update)
- Marion Solar Installation Cost: $25,510
- 25-Year Savings: $21,863
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Marion
Let’s have a look at the average cost of solar in Marion.
While the national average of solar panels is $2.66 per watt, solar panels in Marion generally cost about 4.Using this figure, a typical 8.9-kW system would cost about $25,510 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Marion depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire.Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Marion can save around $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Marion that can help you get a more accurate cost estimate for your home.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-23,893 |
| 3 years | $-20,658 |
| 5 years | $-17,423 |
| 7 years | $-14,188 |
| 9 years | $-10,953 |
| 11 years | $-7,718 |
| 13 years | $-4,484 |
| 15 years | $-1,249 |
| 17 years | $1,986 |
| 19 years | $5,221 |
| 21 years | $8,456 |
| 23 years | $11,691 |
| 25 years | $14,926 |
Top Solar Installers in Marion
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar company can make converting to solar power much easier. Another upside of using a solar installer is that they can help you optimize your ROI by cutting back on future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar installer in Marion, the EcoWatch team has 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 Marion
Factors that Affect Solar Panel Costs in Marion
There are a number of criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Marion, which can lower, 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 decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will affect your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.The company’s size sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to 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 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 | $8,105 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,266 | 16.9 years |
| 10 kW | $4.10 | $28,700 | $14,656 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,276 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,126 | 15.9 years |
| 16 kW | $3.85 | $43,165 | $26,205 | 15.6 years |
| 18 kW | $3.77 | $47,527 | $30,514 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,052 | 14.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable 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.
- Warranty: If you care about the longevity of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Contract: Look through the contract terms thoroughly to make sure you understand the overall cost, completion timeline incentives and warranties.
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 Marion, IN Solar Cost FAQs
What is the average cost of installing solar panels in Marion?
This is a difficult 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. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Marion?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Marion is currently $115,218, so you can expect a value of about $4,724 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Marion is a rewarding investment.
How long do solar panels last in Marion?
On average, solar panels can last 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 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.