Solar Panel Cost Guide in Cumberland, IN (2023 Update)
- Cumberland Solar Installation Cost: $16,603
- 25-Year Savings: $23,593
- Payback Period: 10.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cumberland
We break down average solar pricing in Cumberland.
The average cost of solar panels in Cumberland is 2.68 per watt. The average solar panel system size in Cumberland is around 8.8 kilowatts, meaning a cost of about $16,603 for a solar installation, or $23,742 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will differ based on the amount of energy your home requires and what company you want to go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Cumberland can save about $17,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Cumberland for a quote for your home.
Solar savings over time in Cumberland
| Year | Return on Investment |
|---|---|
| 1 years | $-14,995 |
| 3 years | $-11,779 |
| 5 years | $-8,563 |
| 7 years | $-5,348 |
| 9 years | $-2,132 |
| 11 years | $1,084 |
| 13 years | $4,299 |
| 15 years | $7,515 |
| 17 years | $10,731 |
| 19 years | $13,946 |
| 21 years | $17,162 |
| 23 years | $20,378 |
| 25 years | $23,593 |
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:
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
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.
Solar Equipment
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.
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
How much does it cost to install solar panels in Cumberland?
The average cost of solar panels in Cumberland 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 things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Cumberland?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.