Solar Panel Cost Guide in Elwood, IN (2023 Update)
- Elwood Solar Installation Cost: $16,640
- 25-Year Savings: $21,897
- Payback Period: 10.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elwood
Find out what the average cost of a solar system is in Elwood.
While the national average of solar panels is $2.66 per watt, solar panels in Elwood typically cost about 2.68. To account for the typical energy needs of the average home in Elwood, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs about $16,640, or $23,795 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Elwood
| Year | Return on Investment |
|---|---|
| 1 years | $-15,099 |
| 3 years | $-12,016 |
| 5 years | $-8,933 |
| 7 years | $-5,850 |
| 9 years | $-2,767 |
| 11 years | $316 |
| 13 years | $3,399 |
| 15 years | $6,482 |
| 17 years | $9,565 |
| 19 years | $12,648 |
| 21 years | $15,731 |
| 23 years | $18,814 |
| 25 years | $21,897 |
Top Solar Installers in Elwood
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Using an installer can make your switch to solar power much easier. The expertise that solar companies provide can be valuable as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our recommendations for providers near you:
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 Elwood
Factors that Affect Solar Panel Costs in Elwood
Even though the average cost of a solar system in Elwood is $16,640, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar panel 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 chiefly based on your home's energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly 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 you don't have a lot of 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 utility bills over many years, but they can also be a big investment. That's why many Elwood homeowners decide to finance their solar panel systems to make paying for solar more affordable. Though solar loans make adopting solar energy more accessible for Elwood homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally 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 | $2.79 | $11,706 | $14,359 | 11.2 years |
| 8 kW | $2.73 | $15,308 | $19,446 | 11.0 years |
| 10 kW | $2.68 | $18,760 | $24,682 | 10.8 years |
| 12 kW | $2.63 | $22,062 | $30,069 | 10.6 years |
| 14 kW | $2.57 | $25,213 | $35,606 | 10.4 years |
| 16 kW | $2.52 | $28,215 | $41,293 | 10.1 years |
| 18 kW | $2.47 | $31,067 | $47,130 | 9.9 years |
| 20 kW | $2.41 | $33,768 | $53,117 | 9.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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 Elwood, IN Solar Cost FAQs
How much does it cost to install solar panels in Elwood?
This is a tough question to answer exactly, because the cost depends on a variety of 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Elwood?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Elwood?
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 how much energy they produce will have decreased significantly after that point. You can choose 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.