Solar Panel Cost Guide in Elkhart, IN (2023 Update)
- Elkhart Solar Installation Cost: $16,952
- 25-Year Savings: $26,274
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elkhart
Here's how much it might cost to switch to solar power in Elkhart.
In Elkhart, solar panels cost about 2.68 per watt on average. The average solar panel system size in Elkhart is around 9.0 kilowatts, meaning a cost of about $16,959 for a solar installation, or $24,251 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you may differ based on your specific situation and what company you choose to go with. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Elkhart see about $18,000 in savings on utility bills over 20 years.
For a personalized 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 | $-15,335 |
| 3 years | $-12,100 |
| 5 years | $-8,865 |
| 7 years | $-5,630 |
| 9 years | $-2,395 |
| 11 years | $840 |
| 13 years | $4,074 |
| 15 years | $7,309 |
| 17 years | $10,544 |
| 19 years | $13,779 |
| 21 years | $17,014 |
| 23 years | $20,249 |
| 25 years | $23,484 |
Top Solar Installers in Elkhart
Trying to put up solar panels by yourself can be a dangerous task, which is why hiring a solar installer is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Elkhart
Factors that Affect Solar Panel Costs in Elkhart
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Elkhart: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 about $2,680. There are a lot of different solar panel brands and the one you choose also affects the cost. Typically, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install 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 Elkhart to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact the cost. Elkhart's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $16,995 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $22,960 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,076 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,341 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $41,757 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,322 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,038 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $61,904 | 8.8 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Elkhart, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: The model of solar panel you want to install plays a part in which installer you should choose, since different companies have different panels.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
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?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Elkhart have a net metering program?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.