Solar Panel Cost Guide in Cumberland, IN (Jan 2023)
- Cumberland Solar Installation Cost: $16,603
- 25-Year Savings: $23,593
- Payback Period: 10.3 Years
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Top Solar Installers in Cumberland
When switching to solar energy, many homeowners opt to go with a solar company since handling can be a time-consuming project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Cumberland
Factors that Affect Solar Panel Costs in Cumberland
Though the average cost of a solar system in Cumberland is $16,603, your final cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,680. Some solar panel 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. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Cumberland to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the total 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 more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Cumberland is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services for different budgets. 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 extra services like electric car 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||$15,532||10.7 years|
|8 kW||$2.73||$15,308||$21,009||10.5 years|
|10 kW||$2.68||$18,760||$26,637||10.3 years|
|12 kW||$2.63||$22,062||$32,414||10.1 years|
|14 kW||$2.57||$25,213||$38,342||9.9 years|
|16 kW||$2.52||$28,215||$44,420||9.7 years|
|18 kW||$2.47||$31,067||$50,648||9.5 years|
|20 kW||$2.41||$33,768||$57,026||9.3 years|
How to Save on Solar Panels
There are numerous companies to choose from in Cumberland, 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:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Cumberland, IN Solar Cost FAQs
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.