Solar Panel Cost Guide in Goshen, IN (2024 Update)
- Goshen Solar Installation Cost: $25,934
- 25-Year Savings: $26,240
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Goshen
We go over average solar pricing in Goshen.
Although the national average of solar panels is $2.66 per watt, solar panels in Goshen typically cost about 4.The average Goshen homeowner needs a 9.0-kilowatt system, which would cost about $25,934 with the federal tax credit, or $37,086 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Goshen homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $18,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar company in Goshen for a customized estimate.
Solar savings over time in Goshen
| Year | Return on Investment |
|---|---|
| 1 years | $-24,291 |
| 3 years | $-21,005 |
| 5 years | $-17,719 |
| 7 years | $-14,433 |
| 9 years | $-11,147 |
| 11 years | $-7,861 |
| 13 years | $-4,575 |
| 15 years | $-1,289 |
| 17 years | $1,997 |
| 19 years | $5,283 |
| 21 years | $8,569 |
| 23 years | $11,855 |
| 25 years | $15,141 |
Top Solar Installers in Goshen
When making the switch to solar, many homeowners opt to use a solar installer since overseeing your solar installation yourself can be a challenging project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for your family.
If you’d like to make the switch to solar but still aren’t certain which solar installer to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Goshen
Factors that Affect Solar Panel Costs in Goshen
There are many factors that can influence 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
When it comes to estimating the cost of a solar panel system in Goshen, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $4,100 for each additional kilowatt you need.The brand of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular route because they lower your upfront costs and allow you to pay for your system over five to seven years on average.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Goshen is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.Additionally, some companies in Goshen have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $10,770 | 15.6 years |
| 8 kW | $4.18 | $23,419 | $14,819 | 15.3 years |
| 10 kW | $4.10 | $28,700 | $19,097 | 15.0 years |
| 12 kW | $4.02 | $33,751 | $23,606 | 14.7 years |
| 14 kW | $3.94 | $38,573 | $28,344 | 14.4 years |
| 16 kW | $3.85 | $43,165 | $33,311 | 14.1 years |
| 18 kW | $3.77 | $47,527 | $38,508 | 13.8 years |
| 20 kW | $3.69 | $51,660 | $43,935 | 13.5 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It’s important to look over 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.
- Solar Panel Brands: The model of solar panel you’d like to get plays a role in which company you should opt for, since different companies offer different panels.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Goshen, IN Solar Cost FAQs
What is the average cost of installing solar panels in Goshen?
The average cost of solar panels in Goshen 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Goshen?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Does Goshen have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces 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.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a 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 buy 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.