Solar Panel Cost Guide in Elwood, IN (2025 Update)
- Elwood Solar Installation Cost: $25,459
- 25-Year Savings: $21,896
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Elwood
We go over average solar pricing in Elwood.
In Elwood, solar panels cost about 4 per watt on average.Since a 8.9-kW system is needed to cover the energy consumption of a typical home in Elwood, the average price of going solar will be about $25,459 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary based on multiple factors, such as what size system you need, your energy usage and what solar installer you go with.Even with the high upfront cost, the average Elwood homeowner can save about $17,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elwood
| Year | Return on Investment |
|---|---|
| 1 years | $-23,842 |
| 3 years | $-20,607 |
| 5 years | $-17,372 |
| 7 years | $-14,137 |
| 9 years | $-10,903 |
| 11 years | $-7,668 |
| 13 years | $-4,433 |
| 15 years | $-1,198 |
| 17 years | $2,037 |
| 19 years | $5,272 |
| 21 years | $8,507 |
| 23 years | $11,741 |
| 25 years | $14,976 |
Top Solar Installers in Elwood
Trying to install solar panels yourself can be a difficult task, which is why using a solar installer is a good option for many homeowners. Plus, if you’re unsure what kind of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
See all of the solar companies in Elwood
Factors that Affect Solar Panel Costs in Elwood
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Elwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Elwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $4,100 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Elwood, 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
Most solar installers in Elwood provide solar loans, which reduce your upfront costs of installing solar.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Elwood is the company you hire to install your PV system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services at different price points.The company’s size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $8,157 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,335 | 16.8 years |
| 10 kW | $4.10 | $28,700 | $14,742 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,380 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,246 | 15.9 years |
| 16 kW | $3.85 | $43,165 | $26,343 | 15.5 years |
| 18 kW | $3.77 | $47,527 | $30,669 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,225 | 14.9 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose significantly influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Elwood, IN Solar Cost FAQs
What is the average cost of installing solar panels in Elwood?
The average cost of solar panels in Elwood is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Elwood, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.