Solar Panel Cost Guide in Bright, IN (2023 Update)
- Bright Solar Installation Cost: $16,284
- 25-Year Savings: $23,773
- Payback Period: 10.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Bright
Find out what the average cost of a solar system is in Bright.
The average cost of solar panels in Bright is 2.68 per watt. To cover the typical energy needs of the average home in Bright, most homeowners require a 8.7-kilowatt system. Using the figure above, a solar installation costs around $16,284, or $23,286 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a top solar installer in Bright that can help you get a more accurate cost estimate for your home.
Solar savings over time in Bright
| Year | Return on Investment |
|---|---|
| 1 years | $-14,681 |
| 3 years | $-11,477 |
| 5 years | $-8,272 |
| 7 years | $-5,068 |
| 9 years | $-1,863 |
| 11 years | $1,341 |
| 13 years | $4,546 |
| 15 years | $7,751 |
| 17 years | $10,955 |
| 19 years | $14,160 |
| 21 years | $17,364 |
| 23 years | $20,569 |
| 25 years | $23,773 |
Top Solar Installers in Bright
Although it's possible to install solar panels yourself, it involves extra labor and know-how. That's one of the reasons most people choose to hire a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost 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
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 a number of factors that can determine your solar system 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
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Bright. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Bright average.
Solar Financing Terms
Many homeowners find the average cost of solar in Bright to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. While solar loans make going solar more accessible for Bright homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you select 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 extra services like electric vehicle 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 | $15,977 | 10.6 years |
| 8 kW | $2.73 | $15,308 | $21,603 | 10.4 years |
| 10 kW | $2.68 | $18,760 | $27,379 | 10.2 years |
| 12 kW | $2.63 | $22,062 | $33,305 | 10.0 years |
| 14 kW | $2.57 | $25,213 | $39,381 | 9.8 years |
| 16 kW | $2.52 | $28,215 | $45,607 | 9.6 years |
| 18 kW | $2.47 | $31,067 | $51,984 | 9.4 years |
| 20 kW | $2.41 | $33,768 | $58,510 | 9.1 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed 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 Bright, IN Solar Cost FAQs
What is the average cost of installing solar panels in Bright?
The average cost of solar panels in Bright 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 consume.
Is it better to lease or buy solar panels in Bright?
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 home 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.
Does Bright have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.