Solar Panel Cost Guide in Carmel, IN (Sep 2022)

  • Carmel Solar Installation Cost: $16,659
  • 25-Year Savings: $21,586
  • Payback Period: 10.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Carmel

Find out what the average cost of solar panels are in Carmel.

The national average cost of solar panels is $2.66 per watt, but in Carmel it's $3 per watt. To account for the typical energy needs of the average home in Carmel, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,659, or $12,328 after the federal solar tax credit of 30% is applied.

How much you pay can go higher or lower than the average in Carmel based on several factors, such as the type of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on utility bills.

For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Carmel

Year Return on Investment
1 years $-15,129
3 years $-12,069
5 years $-9,010
7 years $-5,950
9 years $-2,891
11 years $169
13 years $3,229
15 years $6,288
17 years $9,348
19 years $12,407
21 years $15,467
23 years $18,527
25 years $21,586

Top Solar Installers in Carmel

Although you can install solar panels by yourself, it involves extra time and knowledge. That's one of the reasons the majority of homeowners choose a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you choose which one will be right for your family.

Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

The cost of installing a solar system in Carmel can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment Size

The cost of solar panels varies by thousands of dollars due to some different factors. One of the notable factors is the system size. Solar power systems that have better 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 $2,680. The kind of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a popular option because they lower your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to factor 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 how long it'll take to pay back the loan.

Solar Panel Installation Company

Finally, the company you choose to install your solar panels can affect how much you pay. Carmel's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced 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 find a company that provides the products, warranties and services you're looking for and also fit into 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 $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

Solar Incentives in Carmel

Name Renewable Energy Property Tax Exemption
Website Visit here
More Info Click here

Name NineStar Connect - Residential Energy Efficient Equipment Rebate Program
Website Visit here
More Info Click here

Name Noble REMC - Residential Energy Efficiency Rebate Incentives
Website Visit here
More Info Click here

Name Wabash Valley Power Association (28 Member Cooperatives) - Residential Energy Efficiency Program
Website Visit here
More Info Click here

Name NIPSCO - Feed-In Tariff
Website Visit here
More Info Click here

Name Duke Energy - Residential and Builder Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:

  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
  • Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline incentives and warranties.
  • Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

What is the average cost of installing solar panels in Carmel?

The average cost of solar panels in Carmel is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider apart from cost when buying solar panels?

Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Do solar panels increase the value of your home?

Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

How often do you have to replace solar panels?

On average, the lifespan of solar panels is 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 higher 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.

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