Solar Panel Cost Guide in Bright, IN (2024 Update)
- Bright Solar Installation Cost: $24,917
- 25-Year Savings: $23,770
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Bright
Find out what the average cost of installing solar panels is in Bright.
The national average cost of solar panels is $2.66 per watt, but in Bright it’s 4 per watt.The average Bright homeowner needs a 8.7-kilowatt system, which would cost about $24,917 with the federal tax credit, or $35,631 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Bright homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar company in Bright for a customized quote.
Solar savings over time in Bright
| Year | Return on Investment |
|---|---|
| 1 years | $-23,591 |
| 3 years | $-20,940 |
| 5 years | $-18,289 |
| 7 years | $-15,637 |
| 9 years | $-12,986 |
| 11 years | $-10,335 |
| 13 years | $-7,684 |
| 15 years | $-5,032 |
| 17 years | $-2,381 |
| 19 years | $270 |
| 21 years | $2,921 |
| 23 years | $5,572 |
| 25 years | $8,224 |
Top Solar Installers in Bright
When switching to solar energy, many homeowners prefer to use a solar installation company since DIY solar panel installation can be a difficult project. Solar warranties and repairs are ordinarily included in the cost of installation when you go with a solar company too, which can save you more money over time.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Bright
Factors that Affect Solar Panel Costs in Bright
There are several factors that can affect 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 determines the overall cost of going solar. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about 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 Bright to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Bright is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services at different price points.Additionally, some companies in Bright are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $9,775 | 16.2 years |
| 8 kW | $4.18 | $23,419 | $13,492 | 15.9 years |
| 10 kW | $4.10 | $28,700 | $17,439 | 15.6 years |
| 12 kW | $4.02 | $33,751 | $21,616 | 15.2 years |
| 14 kW | $3.94 | $38,573 | $26,022 | 14.9 years |
| 16 kW | $3.85 | $43,165 | $30,658 | 14.6 years |
| 18 kW | $3.77 | $47,527 | $35,523 | 14.3 years |
| 20 kW | $3.69 | $51,660 | $40,618 | 14.0 years |
How to Save on Solar Panels
There are many companies to choose from in Bright, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline incentives and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Bright, IN Solar Cost FAQs
How much does it cost to install solar panels in Bright?
The average cost of solar panels in Bright is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Bright?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 financial benefits from going solar.
Can you sell solar power back to the grid in Bright?
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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 buy 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.