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 a solar system is 4 per watt.To cover the typical energy needs of the average home in Carmel, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs about $25,487, or $36,446 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.Even with the large upfront cost, the average Carmel homeowner can save about $16,000 on their power bills over 20 years, which is one of the positives of solar.
To see your potential savings and connect with a local solar expert, click the button below.
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
Although it's possible to install solar panels yourself, it requires extra time and expertise. That's one of the reasons the majority of homeowners choose a solar panel installer. The expertise that solar installers provide can be invaluable as well, especially if you don’t quite know what type of solar equipment you need.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Carmel
Factors that Affect Solar Panel Costs in Carmel
For many Carmel homeowners, the decision to adopt solar energy comes down to 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 a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you pick also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.Though solar loans make going solar more accessible for Carmel homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Carmel, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 large number of companies available in Carmel, 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: When making the switch to solar power, it’s essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, project completion timeline incentives and warranties.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 precisely, because the cost depends on many factors. Broadly 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. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Carmel?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. 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?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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.