Solar Panel Cost Guide in Fishers, IN (Nov 2022)
- Fishers Solar Installation Cost: $16,659
- 25-Year Savings: $21,980
- Payback Period: 10.8 Years
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Updated 11/09/2022
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Average Cost of Solar Panels in Fishers
Find out what the average cost of solar panel installation is in Fishers.
While the national average of solar panels is $2.66 per watt, solar panels in Fishers generally cost around $3. Because a 8.9-kW system is needed to cover the energy costs of a typical home in Fishers, the average price of going solar will be about $16,659 before claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Fishers homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the high upfront cost, the average Fishers homeowner can save around $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar company in Fishers for a quote for your home.
Solar savings over time in Fishers
| Year | Return on Investment |
|---|---|
| 1 years | $-15,113 |
| 3 years | $-12,022 |
| 5 years | $-8,931 |
| 7 years | $-5,840 |
| 9 years | $-2,749 |
| 11 years | $342 |
| 13 years | $3,433 |
| 15 years | $6,524 |
| 17 years | $9,615 |
| 19 years | $12,707 |
| 21 years | $15,798 |
| 23 years | $18,889 |
| 25 years | $21,980 |
Top Solar Installers in Fishers
When switching to solar energy, many homeowners decide to use a solar installation company since putting up solar panels yourself can be a challenging project. Local solar companies can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
If you're on the hunt for a solar company in Fishers, the EcoWatch team has put together a list of our top suggestions here:
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 Fishers
Factors that Affect Solar Panel Costs in Fishers
For many Fishers homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Fishers, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size. Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Fishers, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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 significant investment. That's why many Fishers homeowners opt to finance their solar panel systems to make going solar more affordable. Although solar loans make adopting solar energy more accessible for Fishers homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Fishers is the company you choose to install your PV system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services at different price points. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that offers the products, warranties and services you're looking for 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 | $14,399 | 11.2 years |
| 8 kW | $2.73 | $15,308 | $19,499 | 11.0 years |
| 10 kW | $2.68 | $18,760 | $24,749 | 10.8 years |
| 12 kW | $2.63 | $22,062 | $30,149 | 10.6 years |
| 14 kW | $2.57 | $25,213 | $35,699 | 10.3 years |
| 16 kW | $2.52 | $28,215 | $41,399 | 10.1 years |
| 18 kW | $2.47 | $31,067 | $47,249 | 9.9 years |
| 20 kW | $2.41 | $33,768 | $53,250 | 9.7 years |
How to Save on Solar Panels
There are numerous companies to choose from in Fishers, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
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 Fishers, IN Solar Cost FAQs
What is the average cost of installing solar panels in Fishers?
The average cost of solar panels in Fishers is about $13,400 for a 5-kW system and $26,800 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.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Fishers is currently $243,542, which means you can expect about a value of about $9,985 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Fishers is a worthwhile investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.
