Solar Panel Cost Guide in Cumberland, IN (2024 Update)
- Cumberland Solar Installation Cost: $25,412
- 25-Year Savings: $23,585
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Cumberland
We break down average solar pricing in Cumberland.
In Cumberland, solar panels cost about 4 per watt on average.Using this figure, a typical 8.9-kW system would cost about $25,412 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Cumberland homeowners. The cost 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.With typical savings of about $17,000 on energy bills over 20 years, many homeowners in Cumberland find installing solar panels can pay off big.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Cumberland
| Year | Return on Investment |
|---|---|
| 1 years | $-24,127 |
| 3 years | $-21,557 |
| 5 years | $-18,988 |
| 7 years | $-16,418 |
| 9 years | $-13,849 |
| 11 years | $-11,279 |
| 13 years | $-8,709 |
| 15 years | $-6,140 |
| 17 years | $-3,570 |
| 19 years | $-1,000 |
| 21 years | $1,569 |
| 23 years | $4,139 |
| 25 years | $6,708 |
Top Solar Installers in Cumberland
Installing solar panels by yourself can be a time-consuming undertaking, which is why hiring a solar installation company is a good option for many homeowners. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for you.
If you're searching for a solar installer in Cumberland, 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 Cumberland
Factors that Affect Solar Panel Costs in Cumberland
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Cumberland: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $4,100 per kilowatt in Cumberland.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Cumberland, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Cumberland provide solar loans, which reduce the initial cost of installing solar panels.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 APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you select will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies usually 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 additional 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 | $4.26 | $17,909 | $9,329 | 16.4 years |
| 8 kW | $4.18 | $23,419 | $12,898 | 16.1 years |
| 10 kW | $4.10 | $28,700 | $16,697 | 15.8 years |
| 12 kW | $4.02 | $33,751 | $20,725 | 15.5 years |
| 14 kW | $3.94 | $38,573 | $24,983 | 15.2 years |
| 16 kW | $3.85 | $43,165 | $29,470 | 14.9 years |
| 18 kW | $3.77 | $47,527 | $34,187 | 14.5 years |
| 20 kW | $3.69 | $51,660 | $39,134 | 14.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Different companies have various brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: If you’re concerned about the endurance of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Cumberland, IN Solar Cost FAQs
What is the average cost of installing solar panels in Cumberland?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Cumberland?
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 can’t take advantage of 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 bang for your buck from going solar.
Can solar panels completely eradicate my electricity bills?
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 $907.94 per year.
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.