Solar Panel Cost Guide in Fishers, IN (2024 Update)
- Fishers Solar Installation Cost: $25,487
- 25-Year Savings: $21,979
- Payback Period: 16.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Fishers
Let’s have a look at the average cost of solar panels in Fishers.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Fishers, the average cost of a solar system is 4 per watt.The average solar panel system size in Fishers is around 8.9 kilowatts, meaning a cost of about $25,487 for a solar installation, or $36,446 before the 0 federal solar tax credit is applied.
These figures are just averages, and your own solar costs will differ based on the amount of energy your home requires and what company you choose to go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $17,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar company in Fishers that can help you get a more accurate cost estimate for your home.
Solar savings over time in Fishers
| Year | Return on Investment |
|---|---|
| 1 years | $-24,197 |
| 3 years | $-21,618 |
| 5 years | $-19,038 |
| 7 years | $-16,458 |
| 9 years | $-13,878 |
| 11 years | $-11,298 |
| 13 years | $-8,719 |
| 15 years | $-6,139 |
| 17 years | $-3,559 |
| 19 years | $-979 |
| 21 years | $1,601 |
| 23 years | $4,181 |
| 25 years | $6,760 |
Top Solar Installers in Fishers
Although you can install solar panels by yourself, it takes extra time and knowledge. That's why the majority of homeowners choose to hire a solar panel installer. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our suggestions for providers in Fishers:
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 Fishers
Factors that Affect Solar Panel Costs in Fishers
Although the average cost of a solar system in Fishers is $25,487, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid route because they lower your upfront costs and let you pay for your system over five to seven years on average.Even though solar loans make switching to solar energy more accessible for Fishers homeowners, they can also increase 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 final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Fishers, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut 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 | $4.26 | $17,909 | $8,196 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,388 | 16.8 years |
| 10 kW | $4.10 | $28,700 | $14,809 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,459 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,340 | 15.8 years |
| 16 kW | $3.85 | $43,165 | $26,449 | 15.5 years |
| 18 kW | $3.77 | $47,527 | $30,789 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,358 | 14.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Solar Panel Brands: The kind of solar panel you need plays a role in which company you should choose, since different companies provide different panels.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of 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.
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 Fishers, IN Solar Cost FAQs
How much does it cost to install solar panels in Fishers?
The average cost of solar panels in Fishers 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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Fishers?
Leasing solar panels can be an option if you can’t pay upfront or get 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.
Can solar panels eliminate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Fishers, 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 contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Fishers?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.