Solar Panel Cost Guide in Goshen, IN (Mar 2023)
- Goshen Solar Installation Cost: $16,959
- 25-Year Savings: $26,233
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Goshen
Let's have a look at the average cost of solar in Goshen.
While the national average of solar panels is $2.66 per watt, solar panels in Goshen generally cost about 2.68. The average Goshen homeowner needs a 9.0-kilowatt system, which would cost about $16,959 with the federal tax credit, or $24,251 before the 30% tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you go with. With average savings of about $18,000 on utility bills over 20 years, many homeowners in Goshen find investing in solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Goshen
| Year | Return on Investment |
|---|---|
| 1 years | $-15,231 |
| 3 years | $-11,776 |
| 5 years | $-8,321 |
| 7 years | $-4,865 |
| 9 years | $-1,410 |
| 11 years | $2,045 |
| 13 years | $5,501 |
| 15 years | $8,956 |
| 17 years | $12,411 |
| 19 years | $15,867 |
| 21 years | $19,322 |
| 23 years | $22,777 |
| 25 years | $26,233 |
Top Solar Installers in Goshen
Although you can install solar panels by yourself, it requires extra effort and knowledge. That's why almost all homeowners choose to hire a solar panel installer. The expertise that solar companies offer can be helpful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Goshen
Factors that Affect Solar Panel Costs in Goshen
For many Goshen homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Goshen, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,680. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Goshen average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Goshen is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, you'll have many options for solar installers that offer a range of services at different price points. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $2.79 | $11,706 | $16,972 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $22,930 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,037 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,295 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $41,703 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,261 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $54,969 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $61,827 | 8.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two 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 positive reviews from past customers.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Goshen, IN Solar Cost FAQs
How much does it cost to install solar panels in Goshen?
The average cost of solar panels in Goshen is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Goshen?
You can't get solar panels for free in Goshen. However, you may still be able to install 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.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.