Solar Panel Cost Guide in Merrillville, IN (2024 Update)
- Merrillville Solar Installation Cost: $25,659
- 25-Year Savings: $29,785
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Merrillville
See how much it might cost to make the switch to solar in Merrillville.
In Merrillville, solar panels cost about 4 per watt on average.The average Merrillville homeowner needs a 8.9-kilowatt system, which would cost about $25,659 with the federal tax credit, or $36,692 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar system you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $20,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar installer in Merrillville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Merrillville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,940 |
| 3 years | $-20,500 |
| 5 years | $-17,061 |
| 7 years | $-13,621 |
| 9 years | $-10,182 |
| 11 years | $-6,742 |
| 13 years | $-3,303 |
| 15 years | $137 |
| 17 years | $3,576 |
| 19 years | $7,015 |
| 21 years | $10,455 |
| 23 years | $13,894 |
| 25 years | $17,334 |
Top Solar Installers in Merrillville
Installing solar panels by yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you're searching for a solar company in Merrillville, the EcoWatch team has organized 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 Merrillville
Factors that Affect Solar Panel Costs in Merrillville
Though the average cost of a solar system in Merrillville is $25,659, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,100.There are several different solar panel brands and the one you choose also changes the cost. Usually, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose 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
Many homeowners find the average cost of solar in Merrillville to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, 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 | $13,336 | 14.3 years |
| 8 kW | $4.18 | $23,419 | $18,240 | 14.1 years |
| 10 kW | $4.10 | $28,700 | $23,374 | 13.8 years |
| 12 kW | $4.02 | $33,751 | $28,737 | 13.5 years |
| 14 kW | $3.94 | $38,573 | $34,331 | 13.2 years |
| 16 kW | $3.85 | $43,165 | $40,153 | 13.0 years |
| 18 kW | $3.77 | $47,527 | $46,206 | 12.7 years |
| 20 kW | $3.69 | $51,660 | $52,488 | 12.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably affects your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are 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 Merrillville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Merrillville?
The average cost of solar panels in Merrillville 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase your property value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Merrillville?
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 level 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.