Solar Panel Cost Guide in Fishers, IN (Mar 2023)
- Fishers Solar Installation Cost: $16,659
- 25-Year Savings: $21,980
- Payback Period: 10.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Fishers
Find out what the average cost of solar panel installation is 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 2.68 per watt. Using this figure, a typical 8.9-kW system would cost about $16,659 before the 30% federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely vary based on the amount of energy your home requires and what company you choose to go with. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Fishers can save about $17,000 on their electricity bills over 20 years.
To receive a free estimate from a vetted solar installer in Fishers, you can click the button below.
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
Many homeowners decide to use a solar panel company since trying to put up solar panels on your own can be time-consuming. Plus, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Fishers: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Fishers. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Fishers average.
Solar Financing Terms
Many homeowners find the average cost of solar in Fishers to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest. You'll have to consider the long-term cost of financing options, including the amount of 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can play a role in determining the cost. Fishers' solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
The solar installer you choose will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- 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 past 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 expectations you should have about the installation process.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and 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 high-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 (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
How much does it cost to install solar panels in Fishers?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally 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 higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Fishers?
You can't get solar panels for free in Fishers. 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 want to own your solar panels, you can finance them with a solar loan.
How will solar panels impact the value of my home?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose 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 long do solar panels last in Fishers?
Although 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 decide 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.