Solar Panel Cost Guide in Elkhart, IN (Mar 2023)
- Elkhart Solar Installation Cost: $16,959
- 25-Year Savings: $26,267
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elkhart
Let's have a look at the average cost of solar panels in Elkhart.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elkhart, the typical cost of a solar system is 2.68 per watt. The average Elkhart homeowner needs a 9.0-kilowatt system, which would cost about $16,959 with the federal tax credit, or $24,251 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Elkhart based on several factors, such as the type of solar panels you choose and the solar installer you hire. Even with the high initial cost, the average Elkhart homeowner can save about $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in your area for a custom estimate.
Solar savings over time in Elkhart
| Year | Return on Investment |
|---|---|
| 1 years | $-15,230 |
| 3 years | $-11,772 |
| 5 years | $-8,314 |
| 7 years | $-4,856 |
| 9 years | $-1,398 |
| 11 years | $2,061 |
| 13 years | $5,519 |
| 15 years | $8,977 |
| 17 years | $12,435 |
| 19 years | $15,893 |
| 21 years | $19,351 |
| 23 years | $22,809 |
| 25 years | $26,267 |
Top Solar Installers in Elkhart
Although you can install solar panels yourself, it involves extra labor and handiness. Because of that, almost all homeowners choose to go with a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers in Elkhart:
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 Elkhart
Factors that Affect Solar Panel Costs in Elkhart
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total 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
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Elkhart. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Elkhart, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Elkhart have solar loans, which reduce your upfront costs of installing a solar system. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you 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 (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 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.