Solar Panel Cost Guide in Carmel, IN (2023 Update)
- Carmel Solar Installation Cost: $16,659
- 25-Year Savings: $21,586
- Payback Period: 10.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Carmel
Find out what the average cost of solar panels are 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 2.68 per watt. The average solar panel system size in Carmel is around 8.9 kilowatts, meaning a cost of about $16,659 for a solar installation, or $23,822 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Carmel homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Carmel can save around $16,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.
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 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:
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
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.
Solar Equipment
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.
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?
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 real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Carmel?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.