Solar Panel Cost Guide in Anderson, IN (2023 Update)
- Anderson Solar Installation Cost: $16,662
- 25-Year Savings: $23,055
- Payback Period: 10.5 Years
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Updated September 15, 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.
The average cost of solar panels in Anderson is 2.68 per watt. To account for the typical energy usage of the average home in Anderson, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs about $16,659, or $23,822 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Anderson homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Even with the large upfront cost, the average Anderson homeowner can save around $17,000 on their power bills over 20 years, which is one of the perks of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Anderson
| Year | Return on Investment |
|---|---|
| 1 years | $-15,150 |
| 3 years | $-12,124 |
| 5 years | $-9,098 |
| 7 years | $-6,073 |
| 9 years | $-3,047 |
| 11 years | $-22 |
| 13 years | $3,004 |
| 15 years | $6,029 |
| 17 years | $9,055 |
| 19 years | $12,080 |
| 21 years | $15,106 |
| 23 years | $18,131 |
| 25 years | $21,157 |
Top Solar Installers in Anderson
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make your swap to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 Anderson
Factors that Affect Solar Panel Costs in Anderson
For many Anderson homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Anderson, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Anderson to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time because of interest. You'll have to consider the long-term cost of financing options, including the total 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 interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Anderson is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that offer a range of services for different budgets. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that has the products, warranties and services you're looking for and also is within your budget.
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 company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which company you should opt for, since different companies have access to different panels.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
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 Anderson, IN Solar Cost FAQs
What is the average cost of installing 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 real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Anderson?
Solar panels aren't free in Anderson, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on power bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Anderson, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.