Solar Panel Cost Guide in Fishers, IN (Aug 2022)
- Fishers Solar Installation Cost: $17,611
- 25-Year Savings: $21,028
- Payback Period: 11.4 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Fishers
Find out how much it might cost to go solar in Fishers.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Fishers, the average cost of solar panels is $3 per watt. To cover the typical energy needs of the average home in Fishers, most homeowners require an 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $17,611, or $13,032 after the federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. With average savings of about $17,000 on power bills over 20 years, many homeowners in Fishers find installing solar panels has a decent ROI.
Click the button below to get connected to a vetted solar company in Fishers for a customized quote.
Solar savings over time in Fishers
| Year | Return on Investment |
|---|---|
| 1 years | $-16,065 |
| 3 years | $-12,974 |
| 5 years | $-9,883 |
| 7 years | $-6,792 |
| 9 years | $-3,701 |
| 11 years | $-610 |
| 13 years | $2,481 |
| 15 years | $5,572 |
| 17 years | $8,664 |
| 19 years | $11,755 |
| 21 years | $14,846 |
| 23 years | $17,937 |
| 25 years | $21,028 |
Top Solar Installers in Fishers
Although you can install solar panels yourself, it requires extra time and knowledge. That's why most people choose to go with a solar panel installer. Solar warranties and repairs are usually included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money after your initial investment.
If you're on the hunt for a solar company in Fishers, we've compiled 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
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 Fishers
Factors that Affect Solar Panel Costs in Fishers
There are many criteria that can play into your solar panel 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
System size is one of the largest factors that determines the overall cost of installing solar panels. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only 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 a solar system out of pocket is out of reach, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Fishers is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Companies that 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 at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you want and also is within 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 | $12,375 | $13,730 | 11.9 years |
| 8 kW | $2.73 | $16,183 | $18,624 | 11.6 years |
| 10 kW | $2.68 | $19,832 | $23,677 | 11.4 years |
| 12 kW | $2.63 | $23,322 | $28,888 | 11.2 years |
| 14 kW | $2.57 | $26,654 | $34,258 | 10.9 years |
| 16 kW | $2.52 | $29,827 | $39,787 | 10.7 years |
| 18 kW | $2.47 | $32,842 | $45,474 | 10.5 years |
| 20 kW | $2.41 | $35,698 | $51,320 | 10.3 years |
Solar Incentives in Fishers
| 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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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 Fishers, IN Solar Cost FAQs
How much does it cost to install solar panels in Fishers?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Fishers?
You can't get solar panels for free in Fishers. However, you may still be able to get 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.
Can you sell solar power back to the grid in Fishers?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.
