15 Best Solar Companies in Lafayette, IN (Sep 2022 Review)

The Cost and Benefits of Solar in Lafayette

We know that for lots of homeowners, the decision to invest in solar highly depends on installation costs. Some important factors that dictate how much it will cost to install a solar panel system on your home and how much it could save you over time include:

• How much electricity your home consumes: Homes that use plenty of power each month may need more solar panels and, as a result, more upfront cost, but will also benefit more over time.
• Incentives: Something that can reduce the cost of your solar project is the solar investment tax credit (ITC), which is a tax credit that's equal to a percentage of the project cost. You can also save a decent amount of money on your power bills, which can generate an average of $17,000 of savings over 20 years.
• How much sunlight your roof gets: If your rooftop gets limited direct sunlight, your solar panel system won't be able to produce as much energy, which will give you lower savings on power bills than someone with a roof that gets plenty of sunlight.
• System size and type: Some models are more pricy than others, so the one you choose can raise or lower your initial investment. Plus, the more solar panels you need, the more it'll cost.

There are several great benefits of solar despite the upfront cost of installation. It can help the planet and your bank account. In addition, it can raise the value of your home, giving you even more benefits if you want to sell your home later.

Solar Incentives in Lafayette

Although installing solar panels is typically a big investment, it can save you much money over the lifespan of your solar panels because of smaller energy bills and government incentives. When you install solar panels on your house, you can take advatage of the federal tax credit, or ITC. This credit currently lets you reduce your tax bill by 30% of the cost of your solar panels. Additionally, there are often some local incentives that you can benefit from to further save. Take a look at the table below to learn what incentives are available to you.

Environmental Impact of Switching to Solar in Lafayette

A lot of people want to do their part to help the environment, which in many cases is the primary motivation to install solar panels. But how much can installing solar panels actually help the environment? In a city like Lafayette where energy use is particularly high, installing solar panels is a great plan for households who are eco-conscious. In fact, if you install solar panels, you could expect to reduce your carbon dioxide emissions by about 90 pounds each year. If you care about the environment, you'll likely recognize that there are many benefits of adopting solar power other than just saving money on electricity. You can also help preserve the environment, which some would argue is priceless.