Solar Panel Cost Guide in Elwood, IN (2023 Update)
- Elwood Solar Installation Cost: $16,642
- 25-Year Savings: $21,896
- Payback Period: 10.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elwood
We go over average solar pricing in Elwood.
The average cost of a solar system in Elwood is 2.68 per watt. Since a 8.9-kW system is needed to cover the energy needs of a typical home in Elwood, the average price of going solar will be about $16,640 after claiming the federal solar tax credit of 30%.
The true price you pay can be above or below the average in Elwood based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Elwood can save around $17,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Elwood
| Year | Return on Investment |
|---|---|
| 1 years | $-15,024 |
| 3 years | $-11,789 |
| 5 years | $-8,555 |
| 7 years | $-5,320 |
| 9 years | $-2,085 |
| 11 years | $1,150 |
| 13 years | $4,385 |
| 15 years | $7,620 |
| 17 years | $10,855 |
| 19 years | $14,089 |
| 21 years | $17,324 |
| 23 years | $20,559 |
| 25 years | $23,794 |
Top Solar Installers in Elwood
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. The expertise that solar companies offer can be useful as well, especially if you don't quite know what type of solar equipment you need.
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 Elwood
Factors that Affect Solar Panel Costs in Elwood
While the average cost of a solar system in Elwood is $16,640, your actual cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,680. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Elwood average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Elwood, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. Even though solar loans make adopting solar energy more accessible for Elwood homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fit into your budget.
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
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 choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- 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.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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 Elwood, IN Solar Cost FAQs
What is the average cost of installing solar panels in Elwood?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Elwood?
You can't get solar panels for free in Elwood. 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 your home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
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 the amount of energy they produce will have decreased significantly after that point. You can decide 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.