Solar Panel Cost Guide in Anderson, IN (Mar 2023)
- Anderson Solar Installation Cost: $16,659
- 25-Year Savings: $23,058
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Anderson
Find out what the average cost of solar panel installation is in Anderson.
Although the national average of solar panels is $2.66 per watt, solar panels in Anderson generally cost around 2.68. The average Anderson homeowner needs a 8.9-kilowatt system, which would cost about $16,659 with the federal tax credit, or $23,822 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you will look different based on factors unique to your home and what company you go with. For most homeowners, the upfront investment in solar is worth paying. On average Anderson homeowners see about $17,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar company in Anderson for a quote for your home.
Solar savings over time in Anderson
| Year | Return on Investment |
|---|---|
| 1 years | $-15,070 |
| 3 years | $-11,893 |
| 5 years | $-8,715 |
| 7 years | $-5,538 |
| 9 years | $-2,361 |
| 11 years | $817 |
| 13 years | $3,994 |
| 15 years | $7,171 |
| 17 years | $10,349 |
| 19 years | $13,526 |
| 21 years | $16,703 |
| 23 years | $19,881 |
| 25 years | $23,058 |
Top Solar Installers in Anderson
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be challenging. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Anderson
Factors that Affect Solar Panel Costs in Anderson
There are a number of factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Anderson have solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of loans, 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you choose will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $15,124 | 10.9 years |
| 8 kW | $2.73 | $15,308 | $20,465 | 10.7 years |
| 10 kW | $2.68 | $18,760 | $25,957 | 10.5 years |
| 12 kW | $2.63 | $22,062 | $31,599 | 10.3 years |
| 14 kW | $2.57 | $25,213 | $37,390 | 10.1 years |
| 16 kW | $2.52 | $28,215 | $43,332 | 9.9 years |
| 18 kW | $2.47 | $31,067 | $49,424 | 9.6 years |
| 20 kW | $2.41 | $33,768 | $55,666 | 9.4 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Anderson, IN Solar Cost FAQs
How much does it cost to install solar panels in Anderson?
The average cost of solar panels in Anderson is about $13,400 for a 5-kW system and $26,800 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 use.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my electricity bills?
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 $894.34 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.