Solar Panel Cost Guide in Evansville, IN (2023 Update)
- Evansville Solar Installation Cost: $15,908
- 25-Year Savings: $34,343
- Payback Period: 7.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Evansville
Find out what the average cost of solar panels are in Evansville.
The average cost of solar panels in Evansville is 2.68 per watt. The average Evansville homeowner needs a 8.5-kilowatt system, which would cost about $15,908 with the federal tax credit, or $22,748 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy usage and what company you go with. With average savings of about $23,000 on energy bills over 20 years, many homeowners in Evansville find installing solar panels can pay off big.
You can click the button below to get connected with a top solar installer in Evansville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,898 |
| 3 years | $-9,878 |
| 5 years | $-5,858 |
| 7 years | $-1,838 |
| 9 years | $2,182 |
| 11 years | $6,202 |
| 13 years | $10,222 |
| 15 years | $14,242 |
| 17 years | $18,263 |
| 19 years | $22,283 |
| 21 years | $26,303 |
| 23 years | $30,323 |
| 25 years | $34,343 |
Top Solar Installers in Evansville
Although it's possible to install solar panels yourself, it involves extra time and handiness. Because of that, almost all homeowners choose to go with a solar panel installer. Some solar companies, particularly local ones, can help you take advantage of incentives in Evansville, therefore optimizing your ROI.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Evansville
Factors that Affect Solar Panel Costs in Evansville
There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
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 primarily based on your home's energy usage, 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. In general, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can affect how much you pay. Evansville's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $23,867 | 8.2 years |
| 8 kW | $2.73 | $15,308 | $32,123 | 8.1 years |
| 10 kW | $2.68 | $18,760 | $40,529 | 7.9 years |
| 12 kW | $2.63 | $22,062 | $49,085 | 7.8 years |
| 14 kW | $2.57 | $25,213 | $57,791 | 7.6 years |
| 16 kW | $2.52 | $28,215 | $66,648 | 7.4 years |
| 18 kW | $2.47 | $31,067 | $75,654 | 7.3 years |
| 20 kW | $2.41 | $33,768 | $84,810 | 7.1 years |
How to Save on Solar Panels
There are many companies available in Evansville, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Evansville, IN Solar Cost FAQs
How much does it cost to install solar panels in Evansville?
This is a tough question to answer exactly, because the cost depends on a few different 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 other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Evansville?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
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 opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house 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.
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.