Solar Panel Cost Guide in Ellettsville, IN (2023 Update)
- Ellettsville Solar Installation Cost: $16,278
- 25-Year Savings: $29,712
- Payback Period: 8.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ellettsville
Find out what the average cost of solar panel installation is in Ellettsville.
In Ellettsville, solar panels cost about 2.68 per watt on average. Because a 8.7-kW system is needed to cover the energy needs of a typical home in Ellettsville, the average price of going solar will be about $16,284 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Ellettsville homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $20,000 over 20 years on electricity bills.
To get a free quote from a highly rated solar installer in Ellettsville, you can click the button below.
Solar savings over time in Ellettsville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,952 |
| 3 years | $-12,301 |
| 5 years | $-9,650 |
| 7 years | $-6,998 |
| 9 years | $-4,347 |
| 11 years | $-1,696 |
| 13 years | $955 |
| 15 years | $3,606 |
| 17 years | $6,258 |
| 19 years | $8,909 |
| 21 years | $11,560 |
| 23 years | $14,211 |
| 25 years | $16,862 |
Top Solar Installers in Ellettsville
Trying to install solar panels by yourself can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for your family.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Ellettsville
Factors that Affect Solar Panel Costs in Ellettsville
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Ellettsville: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Ellettsville, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, 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
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Ellettsville homeowners decide to finance their solar panel systems to make paying for solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Ellettsville is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets. Additionally, some companies in Ellettsville know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $20,095 | 9.2 years |
| 8 kW | $2.73 | $15,308 | $27,094 | 9.0 years |
| 10 kW | $2.68 | $18,760 | $34,243 | 8.8 years |
| 12 kW | $2.63 | $22,062 | $41,542 | 8.7 years |
| 14 kW | $2.57 | $25,213 | $48,991 | 8.5 years |
| 16 kW | $2.52 | $28,215 | $56,590 | 8.3 years |
| 18 kW | $2.47 | $31,067 | $64,339 | 8.1 years |
| 20 kW | $2.41 | $33,768 | $72,238 | 8.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Contract: Review the contract terms thoroughly to make sure you understand the overall cost, project timeline incentives and warranties.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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 Ellettsville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Ellettsville?
The average cost of solar panels in Ellettsville 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 things such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Ellettsville?
You can't get solar panels for free in Ellettsville. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ellettsville is currently $153,665, so you can expect a value of about $6,300 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Ellettsville is a fruitful investment.
How long do solar panels last in Ellettsville?
Even though 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 their energy production will have decreased significantly after that point. You can opt to replace them after having 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.