Solar Panel Cost Guide in Carmel, IN (Jan 2023)
- Carmel Solar Installation Cost: $16,659
- 25-Year Savings: $21,586
- Payback Period: 10.9 Years
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Top Solar Installers in Carmel
Although you can install solar panels on your own, it requires extra time and handiness. For that reason, the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you're on the hunt for a solar company in Carmel, the EcoWatch team has organized a list of our top suggestions here:
See all of the solar companies in Carmel
Factors that Affect Solar Panel Costs in Carmel
Although the average cost of a solar system in Carmel is $16,659, your actual cost may differ. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Carmel. The kind of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more over time on your electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Carmel average.
Solar Financing Terms
Many homeowners find the average cost of solar in Carmel to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Carmel, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have 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||$14,133||11.3 years|
|8 kW||$2.73||$15,308||$19,144||11.1 years|
|10 kW||$2.68||$18,760||$24,306||10.9 years|
|12 kW||$2.63||$22,062||$29,617||10.7 years|
|14 kW||$2.57||$25,213||$35,078||10.5 years|
|16 kW||$2.52||$28,215||$40,690||10.2 years|
|18 kW||$2.47||$31,067||$46,451||10.0 years|
|20 kW||$2.41||$33,768||$52,363||9.8 years|
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- 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 model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
EcoWatch's Carmel, IN Solar Cost FAQs
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.