Solar Panel Cost Guide in Boonville, IN (2023 Update)
- Boonville Solar Installation Cost: $15,978
- 25-Year Savings: $30,801
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Boonville
Let's have a look at the average cost of solar in Boonville.
The national average cost of solar panels is $2.66 per watt, but in Boonville it's 2.68 per watt. The average Boonville homeowner needs a 8.5-kilowatt system, which would cost about $15,984 with the federal tax credit, or $22,857 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Boonville depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $21,000 over 20 years on energy bills.
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 Boonville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,197 |
| 3 years | $-10,633 |
| 5 years | $-7,069 |
| 7 years | $-3,505 |
| 9 years | $59 |
| 11 years | $3,623 |
| 13 years | $7,186 |
| 15 years | $10,750 |
| 17 years | $14,314 |
| 19 years | $17,878 |
| 21 years | $21,442 |
| 23 years | $25,005 |
| 25 years | $28,569 |
Top Solar Installers in Boonville
Although you can install solar panels yourself, it takes extra time and know-how. That's why the majority of homeowners choose a solar panel installer. The expertise that solar installers provide can be helpful as well, especially if you don't quite know what type of solar equipment you need.
If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our suggestions for providers near you:
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 Boonville
Factors that Affect Solar Panel Costs in Boonville
Though the average cost of a solar system in Boonville is $15,984, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to get 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
Most solar installers in Boonville have solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also adds to your total costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Boonville is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that offers the products, warranties and services you want and also fits 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 | $21,247 | 8.9 years |
| 8 kW | $2.73 | $15,308 | $28,630 | 8.7 years |
| 10 kW | $2.68 | $18,760 | $36,163 | 8.5 years |
| 12 kW | $2.63 | $22,062 | $43,845 | 8.4 years |
| 14 kW | $2.57 | $25,213 | $51,678 | 8.2 years |
| 16 kW | $2.52 | $28,215 | $59,661 | 8.0 years |
| 18 kW | $2.47 | $31,067 | $67,794 | 7.9 years |
| 20 kW | $2.41 | $33,768 | $76,077 | 7.7 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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 Boonville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Boonville?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Boonville?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Does Boonville have a net metering program?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Boonville?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.