Solar Panel Cost Guide in Carmel, IN (2024 Update)
- Carmel Solar Installation Cost: $25,487
- 25-Year Savings: $21,585
- Payback Period: 16.7 Years
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Average Cost of Solar Panels in Carmel
Let’s have a look at the average cost of solar panels in Carmel.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Carmel, the typical cost of solar panels is 4 per watt.Since a 8.9-kW system is needed to cover the energy needs of a typical home in Carmel, the average price of going solar will be about $25,487 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Carmel homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar installer in Carmel for a quote for your home.
Solar savings over time in Carmel
| Year | Return on Investment |
|---|---|
| 1 years | $-24,203 |
| 3 years | $-21,633 |
| 5 years | $-19,063 |
| 7 years | $-16,494 |
| 9 years | $-13,924 |
| 11 years | $-11,354 |
| 13 years | $-8,785 |
| 15 years | $-6,215 |
| 17 years | $-3,646 |
| 19 years | $-1,076 |
| 21 years | $1,494 |
| 23 years | $4,063 |
| 25 years | $6,633 |
Top Solar Installers in Carmel
When making the switch to solar, many homeowners prefer to go with a solar installer since overseeing your solar installation yourself can be a difficult project. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for you.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Carmel:
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 Carmel
Factors that Affect Solar Panel Costs in Carmel
For many Carmel homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Carmel, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater 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 $4,100.The brand of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Carmel is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $4.26 | $17,909 | $7,931 | 17.3 years |
| 8 kW | $4.18 | $23,419 | $11,033 | 17.0 years |
| 10 kW | $4.10 | $28,700 | $14,366 | 16.7 years |
| 12 kW | $4.02 | $33,751 | $17,927 | 16.3 years |
| 14 kW | $3.94 | $38,573 | $21,719 | 16.0 years |
| 16 kW | $3.85 | $43,165 | $25,740 | 15.7 years |
| 18 kW | $3.77 | $47,527 | $29,991 | 15.3 years |
| 20 kW | $3.69 | $51,660 | $34,471 | 15.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. 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 take a look at their list of options before deciding.
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
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 Carmel, IN Solar Cost FAQs
How much does it cost to install solar panels in Carmel?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Carmel?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $861.31 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.