Solar Panel Cost Guide in Evansville, IN (Aug 2022)
- Evansville Solar Installation Cost: $16,818
- 25-Year Savings: $33,434
- Payback Period: 8.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Evansville
We break down average solar pricing in Evansville.
While the national average of solar panels is $2.66 per watt, solar panels in Evansville typically cost around $3. Using this figure, a typical 8.5 would cost about $16,818 before the federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Evansville homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the large upfront cost, the average Evansville homeowner can save about $23,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a vetted solar company in Evansville, you can click the button below.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,807 |
| 3 years | $-10,787 |
| 5 years | $-6,767 |
| 7 years | $-2,747 |
| 9 years | $1,273 |
| 11 years | $5,293 |
| 13 years | $9,313 |
| 15 years | $13,333 |
| 17 years | $17,353 |
| 19 years | $21,374 |
| 21 years | $25,394 |
| 23 years | $29,414 |
| 25 years | $33,434 |
Top Solar Installers in Evansville
When going solar, many homeowners choose to hire a solar installation company since putting up a solar system yourself can be a difficult project. The payback period of solar panels will vary based on factors like your roof configuration and energy use, but working with a solar installer can shorten that period. Your provider will be able to help you apply for incentives available in your area.
If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our suggestions for providers in Evansville:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- 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 Evansville
Factors that Affect Solar Panel Costs in Evansville
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment Size
When it comes to estimating the cost of a solar panel system in Evansville, 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 gauge by looking at past electricity bills. Your total cost can increase by around $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. Typically, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Evansville to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact the cost. Evansville's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Evansville are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $12,375 | $23,198 | 8.7 years |
| 8 kW | $2.73 | $16,183 | $31,248 | 8.5 years |
| 10 kW | $2.68 | $19,832 | $39,457 | 8.4 years |
| 12 kW | $2.63 | $23,322 | $47,825 | 8.2 years |
| 14 kW | $2.57 | $26,654 | $56,351 | 8.0 years |
| 16 kW | $2.52 | $29,827 | $65,035 | 7.9 years |
| 18 kW | $2.47 | $32,842 | $73,879 | 7.7 years |
| 20 kW | $2.41 | $35,698 | $82,881 | 7.5 years |
Solar Incentives in Evansville
| Name | Renewable Energy Property Tax Exemption |
| Incentive Amount | Solar energy systems used for heating or cooling: out-of-pocket expenditures by the owner for the components and labor Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system |
| Incentive Max | None specified |
| Website | Visit here |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
How to Save on Solar Panels
Since the model of solar panels and the company you choose have an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: If youcare about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which installer you should opt for, since different companies offer different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
The Green Panel
- 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 Evansville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Evansville?
This is a difficult 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Evansville?
You can't get solar panels for free in Evansville. 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'd prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Evansville, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Evansville?
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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.
