Solar Panel Cost Guide in Greencastle, IN (2024 Update)
- Greencastle Solar Installation Cost: $25,183
- 25-Year Savings: $25,274
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in Greencastle
We break down average solar pricing in Greencastle.
The national average cost of solar panels is $2.66 per watt, but in Greencastle it’s 4 per watt.Because a 8.8-kW system is needed to cover the energy costs of a typical home in Greencastle, the average price of going solar will be about $25,183 after claiming the federal solar tax credit of 0.
How much you pay can go above or below the average in Greencastle depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire.Even with the large initial cost, the average Greencastle homeowner can save about $18,000 on their energy bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a highly rated solar company in Greencastle, you can click the button below.
Solar savings over time in Greencastle
| Year | Return on Investment |
|---|---|
| 1 years | $-23,857 |
| 3 years | $-21,206 |
| 5 years | $-18,555 |
| 7 years | $-15,903 |
| 9 years | $-13,252 |
| 11 years | $-10,601 |
| 13 years | $-7,950 |
| 15 years | $-5,299 |
| 17 years | $-2,647 |
| 19 years | $4 |
| 21 years | $2,655 |
| 23 years | $5,306 |
| 25 years | $7,958 |
Top Solar Installers in Greencastle
Although you can install solar panels yourself, it requires extra time and handiness. For that reason, almost all homeowners choose to hire a solar panel installer. Solar warranties and repairs are often included in the cost of installation when you hire a solar contractor as well, which can save you more money over time.
If you're on the hunt for a solar installer in Greencastle, the EcoWatch team has organized 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
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 Greencastle
Factors that Affect Solar Panel Costs in Greencastle
The cost of installing a solar system in Greencastle can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $4,100. There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Greencastle homeowners decide to finance their solar panel systems to make going solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Greencastle is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Additionally, some companies in Greencastle know more 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 end up saving you 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 | $10,630 | 15.7 years |
| 8 kW | $4.18 | $23,419 | $14,632 | 15.4 years |
| 10 kW | $4.10 | $28,700 | $18,864 | 15.1 years |
| 12 kW | $4.02 | $33,751 | $23,325 | 14.8 years |
| 14 kW | $3.94 | $38,573 | $28,017 | 14.5 years |
| 16 kW | $3.85 | $43,165 | $32,937 | 14.2 years |
| 18 kW | $3.77 | $47,527 | $38,088 | 13.9 years |
| 20 kW | $3.69 | $51,660 | $43,468 | 13.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have different brands and types of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- 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 expectations you should have about the project timeline.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- 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 system is installed, such as updating or replacing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Greencastle, IN Solar Cost FAQs
How much does it cost to install solar panels in Greencastle?
The average cost of solar panels in Greencastle 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 things such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Greencastle?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Greencastle?
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 larger 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.