Solar Panel Cost Guide in Evansville, WI (2024 Update)
- Evansville Solar Installation Cost: $19,674
- 25-Year Savings: $21,715
- Payback Period: 14.1 Years
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Average Cost of Solar Panels in Evansville
Find out how much it might cost to go solar in Evansville.
The national average cost of solar panels is $2.66 per watt, but in Evansville it’s 4 per watt.The average Evansville homeowner needs a 7.2-kilowatt system, which would cost about $19,674 with the federal tax credit, or $28,134 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.Many homeowners find installing a solar system is a solid investment. The average homeowner in Evansville can save about $18,000 on their electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-18,567 |
| 3 years | $-16,352 |
| 5 years | $-14,138 |
| 7 years | $-11,923 |
| 9 years | $-9,708 |
| 11 years | $-7,494 |
| 13 years | $-5,279 |
| 15 years | $-3,065 |
| 17 years | $-850 |
| 19 years | $1,365 |
| 21 years | $3,579 |
| 23 years | $5,794 |
| 25 years | $8,009 |
Top Solar Installers in Evansville
Installing solar panels yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you better understand incentives in Evansville, therefore optimizing your ROI.
If you’d like to start using solar energy but still aren’t certain which solar installer to go with, here are our suggestions for providers near you:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Evansville
Factors that Affect Solar Panel Costs in Evansville
There are several factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
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 assess the size of the solar energy system needed for your home by figuring out your average energy use.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Evansville have solar loans, which reduce your upfront costs of installing solar.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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can influence how much it costs. Evansville’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $4.04 | $16,948 | $11,959 | 14.7 years |
| 8 kW | $3.96 | $22,163 | $16,379 | 14.4 years |
| 10 kW | $3.88 | $27,160 | $21,017 | 14.1 years |
| 12 kW | $3.80 | $31,940 | $25,873 | 13.8 years |
| 14 kW | $3.72 | $36,503 | $30,945 | 13.5 years |
| 16 kW | $3.65 | $40,849 | $36,235 | 13.2 years |
| 18 kW | $3.57 | $44,977 | $41,742 | 13.0 years |
| 20 kW | $3.49 | $48,888 | $47,467 | 12.7 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Evansville, WI Solar Cost FAQs
How much does it cost to install solar panels in Evansville?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $19,400 for a 5-kW system and $38,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Evansville?
Solar panels aren’t free in Evansville, 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 can further reduce the cost.
Is it worth going solar in Evansville?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.