Solar Panel Cost Guide in East Chicago, IN (Mar 2023)
- East Chicago Solar Installation Cost: $16,771
- 25-Year Savings: $31,051
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in East Chicago
Let's take a look at the average cost of solar panels in East Chicago.
Currently, the national average cost of solar panels is $2.66 per watt. However, in East Chicago, the average cost of a solar system is 2.68 per watt. The average solar panel system size in East Chicago is around 8.9 kilowatts, meaning a cost of about $16,771 for a solar installation, or $23,983 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will differ based on factors unique to your home and what company you choose to go with. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in East Chicago see about $20,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in East Chicago for a quote for your home.
Solar savings over time in East Chicago
| Year | Return on Investment |
|---|---|
| 1 years | $-14,859 |
| 3 years | $-11,033 |
| 5 years | $-7,207 |
| 7 years | $-3,381 |
| 9 years | $445 |
| 11 years | $4,270 |
| 13 years | $8,096 |
| 15 years | $11,922 |
| 17 years | $15,748 |
| 19 years | $19,573 |
| 21 years | $23,399 |
| 23 years | $27,225 |
| 25 years | $31,051 |
Top Solar Installers in East Chicago
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make your swap to solar power much easier. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
There are several 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 (coming 2022)
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 East Chicago
Factors that Affect Solar Panel Costs in East Chicago
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in East Chicago: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in East Chicago to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to 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 can only 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 finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in East Chicago is the company you choose 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 at different costs. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $20,387 | 9.1 years |
| 8 kW | $2.73 | $15,308 | $27,483 | 8.9 years |
| 10 kW | $2.68 | $18,760 | $34,729 | 8.8 years |
| 12 kW | $2.63 | $22,062 | $42,125 | 8.6 years |
| 14 kW | $2.57 | $25,213 | $49,671 | 8.4 years |
| 16 kW | $2.52 | $28,215 | $57,367 | 8.2 years |
| 18 kW | $2.47 | $31,067 | $65,213 | 8.1 years |
| 20 kW | $2.41 | $33,768 | $73,210 | 7.9 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. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A 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 renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 East Chicago, IN Solar Cost FAQs
How much does it cost to install solar panels in East Chicago?
The average cost of solar panels in East Chicago 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in East Chicago?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
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 larger 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.