Solar Panel Cost Guide in Edinburgh, IN (2023 Update)
- Edinburgh Solar Installation Cost: $16,388
- 25-Year Savings: $25,834
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Edinburgh
Let's take a look at the average cost of solar panels in Edinburgh.
In Edinburgh, solar panels cost about 2.68 per watt on average. The average Edinburgh homeowner needs a 8.7-kilowatt system, which would cost about $16,396 with the federal tax credit, or $23,446 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar system you want, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average Edinburgh homeowners see about $18,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Edinburgh
| Year | Return on Investment |
|---|---|
| 1 years | $-15,062 |
| 3 years | $-12,411 |
| 5 years | $-9,760 |
| 7 years | $-7,108 |
| 9 years | $-4,457 |
| 11 years | $-1,806 |
| 13 years | $845 |
| 15 years | $3,496 |
| 17 years | $6,148 |
| 19 years | $8,799 |
| 21 years | $11,450 |
| 23 years | $14,101 |
| 25 years | $16,753 |
Top Solar Installers in Edinburgh
Although it's possible to install solar panels on your own, it requires extra labor and handiness. That's one of the reasons most homeowners choose to hire a solar panel installer. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our suggestions for providers nearby:
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 Edinburgh
Factors that Affect Solar Panel Costs in Edinburgh
For many Edinburgh homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Edinburgh, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Edinburgh, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The type of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Edinburgh to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. You'll have to consider the long-term cost of financing options, 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $2.79 | $11,706 | $17,294 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,359 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,574 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $35,939 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,454 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,119 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $55,934 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $62,900 | 8.7 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Edinburgh, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
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 Edinburgh, IN Solar Cost FAQs
What is the average cost of installing solar panels in Edinburgh?
The average cost of solar panels in Edinburgh 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 stuff like the kind 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 a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 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.