Solar Panel Cost Guide in Elkhart, IN (2024 Update)
- Elkhart Solar Installation Cost: $25,934
- 25-Year Savings: $26,274
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Elkhart
Find out what the average cost of solar panel installation is in Elkhart.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elkhart, the typical cost of solar panels is 4 per watt.Since a 9.0-kW system is needed to cover the energy needs of a typical home in Elkhart, the average price of going solar will be about $25,934 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.Even with the large upfront cost, the average Elkhart homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elkhart
| Year | Return on Investment |
|---|---|
| 1 years | $-24,317 |
| 3 years | $-21,082 |
| 5 years | $-17,847 |
| 7 years | $-14,612 |
| 9 years | $-11,377 |
| 11 years | $-8,143 |
| 13 years | $-4,908 |
| 15 years | $-1,673 |
| 17 years | $1,562 |
| 19 years | $4,797 |
| 21 years | $8,032 |
| 23 years | $11,267 |
| 25 years | $14,501 |
Top Solar Installers in Elkhart
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make your switch to solar power much easier. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be best for you.
If you're looking for a solar company in Elkhart, we've organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Elkhart
Factors that Affect Solar Panel Costs in Elkhart
For many Elkhart homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Elkhart, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,100.There are a lot of different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just 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 Elkhart to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect the cost. Elkhart’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies 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 offers the products, warranties and services you want and also is 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 | $4.26 | $17,909 | $10,793 | 15.6 years |
| 8 kW | $4.18 | $23,419 | $14,849 | 15.3 years |
| 10 kW | $4.10 | $28,700 | $19,136 | 15.0 years |
| 12 kW | $4.02 | $33,751 | $23,652 | 14.7 years |
| 14 kW | $3.94 | $38,573 | $28,397 | 14.4 years |
| 16 kW | $3.85 | $43,165 | $33,372 | 14.1 years |
| 18 kW | $3.77 | $47,527 | $38,577 | 13.8 years |
| 20 kW | $3.69 | $51,660 | $44,012 | 13.5 years |
How to Save on Solar Panels
There are a lot of companies available in Elkhart, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: It’s important to read through 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: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Elkhart, IN Solar Cost FAQs
How much does it cost to install solar panels in Elkhart?
The average cost of solar panels in Elkhart is about $20,500 for a 5-kW system and $41,000 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 use.
Is it better to lease or buy solar panels in Elkhart?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.