Solar Panel Cost Guide in Decatur, IN (2023 Update)
- Decatur Solar Installation Cost: $16,734
- 25-Year Savings: $25,881
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Decatur
Here's how much it might cost to install solar panels in Decatur.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Decatur, the typical cost of a solar system is 2.68 per watt. Using this figure, a typical 8.9-kW system would cost about $16,734 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on power bills.
Click the button below to get connected to a top solar company in your area for a personalized estimate.
Solar savings over time in Decatur
| Year | Return on Investment |
|---|---|
| 1 years | $-15,029 |
| 3 years | $-11,620 |
| 5 years | $-8,211 |
| 7 years | $-4,802 |
| 9 years | $-1,393 |
| 11 years | $2,016 |
| 13 years | $5,426 |
| 15 years | $8,835 |
| 17 years | $12,244 |
| 19 years | $15,653 |
| 21 years | $19,062 |
| 23 years | $22,471 |
| 25 years | $25,881 |
Top Solar Installers in Decatur
When making the switch to solar, many homeowners opt to hire a solar installation company since DIY solar panel installation can be a difficult project. Plus, if you're not certain what kind of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Decatur
Factors that Affect Solar Panel Costs in Decatur
For many Decatur homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Decatur, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, 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. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Decatur, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $16,951 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $22,902 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,003 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,254 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $41,654 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,205 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $54,906 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $61,757 | 8.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
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 Decatur, IN Solar Cost FAQs
What is the average cost of installing solar panels in Decatur?
The average cost of solar panels in Decatur 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 kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Decatur?
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 savings from going solar.
How will installing solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Decatur is currently $118,000, so you could be looking at a value of about $4,838 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Decatur is a rewarding investment.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.