Solar Panel Cost Guide in Charlestown, IN (2023 Update)
- Charlestown Solar Installation Cost: $16,209
- 25-Year Savings: $24,222
- Payback Period: 10.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Charlestown
Find out how much it might cost to make the switch to solar in Charlestown.
Although the national average of solar panels is $2.66 per watt, solar panels in Charlestown typically cost about 2.68. To cover the typical energy usage of the average home in Charlestown, most homeowners require a 8.6-kilowatt system. Using the figure above, a solar installation costs about $16,209, or $23,179 before the federal solar tax credit of 30% is applied.
These figures are just averages, and the cost of going solar for you will differ based on your specific situation and what company you want to go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar company in Charlestown for a personalized estimate.
Solar savings over time in Charlestown
| Year | Return on Investment |
|---|---|
| 1 years | $-16,074 |
| 3 years | $-15,804 |
| 5 years | $-15,535 |
| 7 years | $-15,265 |
| 9 years | $-14,996 |
| 11 years | $-14,726 |
| 13 years | $-14,457 |
| 15 years | $-14,187 |
| 17 years | $-13,918 |
| 19 years | $-13,648 |
| 21 years | $-13,379 |
| 23 years | $-13,109 |
| 25 years | $-12,840 |
Top Solar Installers in Charlestown
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Using an installer can make swapping over to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your location and energy usage, but working with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Charlestown
Factors that Affect Solar Panel Costs in Charlestown
The cost of installing a solar system in Charlestown can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Charlestown. 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 in the long run on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Charlestown average.
Solar Financing Terms
Many homeowners find the average cost of solar in Charlestown to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. However, the interest on solar loans also increases your all-in costs, so it's crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Charlestown is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services for different budgets. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $16,370 | 10.4 years |
| 8 kW | $2.73 | $15,308 | $22,127 | 10.2 years |
| 10 kW | $2.68 | $18,760 | $28,034 | 10.0 years |
| 12 kW | $2.63 | $22,062 | $34,091 | 9.8 years |
| 14 kW | $2.57 | $25,213 | $40,298 | 9.6 years |
| 16 kW | $2.52 | $28,215 | $46,656 | 9.4 years |
| 18 kW | $2.47 | $31,067 | $53,163 | 9.2 years |
| 20 kW | $2.41 | $33,768 | $59,820 | 9.0 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Warranty: If you're concerned about the longevity of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Charlestown, IN Solar Cost FAQs
What is the average cost of installing solar panels in Charlestown?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Charlestown?
Leasing solar panels can be an option if you can't 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 home 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.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt 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 long do solar panels last in Charlestown?
On average, solar panels can last 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.