Solar Panel Cost Guide in Cedar Lake, IN (Mar 2023)
- Cedar Lake Solar Installation Cost: $16,771
- 25-Year Savings: $29,786
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cedar Lake
Let's take a look at the average cost of solar panels in Cedar Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Cedar Lake generally cost about 2.68. To account for the typical energy usage of the average home in Cedar Lake, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,771, or $23,983 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar system you want, your solar contractor and more. With average savings of about $20,000 on utility bills over 20 years, many homeowners in Cedar Lake find going solar has a decent ROI.
Click the button below to get connected to a reputable solar company in Cedar Lake for a customized quote.
Solar savings over time in Cedar Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,909 |
| 3 years | $-11,185 |
| 5 years | $-7,460 |
| 7 years | $-3,735 |
| 9 years | $-11 |
| 11 years | $3,714 |
| 13 years | $7,438 |
| 15 years | $11,163 |
| 17 years | $14,887 |
| 19 years | $18,612 |
| 21 years | $22,336 |
| 23 years | $26,061 |
| 25 years | $29,786 |
Top Solar Installers in Cedar Lake
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make your swap to solar power much easier. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what type of solar equipment you need.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Cedar Lake
Factors that Affect Solar Panel Costs in Cedar Lake
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Cedar Lake: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Additionally, 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Cedar Lake homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Cedar Lake, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $19,538 | 9.4 years |
| 8 kW | $2.73 | $15,308 | $26,351 | 9.2 years |
| 10 kW | $2.68 | $18,760 | $33,314 | 9.0 years |
| 12 kW | $2.63 | $22,062 | $40,427 | 8.8 years |
| 14 kW | $2.57 | $25,213 | $47,690 | 8.6 years |
| 16 kW | $2.52 | $28,215 | $55,103 | 8.5 years |
| 18 kW | $2.47 | $31,067 | $62,666 | 8.3 years |
| 20 kW | $2.41 | $33,768 | $70,380 | 8.1 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Cedar Lake, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Cedar Lake, IN Solar Cost FAQs
How much does it cost to install solar panels in Cedar Lake?
The average cost of solar panels in Cedar Lake 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How will having solar panels impact the value of my home?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.