Solar Panel Cost Guide in Greencastle, IN (Sep 2022)

  • Greencastle Solar Installation Cost: $16,453
  • 25-Year Savings: $25,282
  • Payback Period: 9.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Greencastle

We go over average solar pricing in Greencastle.

The average cost of a solar system in Greencastle is $3 per watt. Since a 8.8-kW system is needed to cover the energy needs of a typical home in Greencastle, the average price of going solar will be about $16,453 before claiming the federal solar tax credit of 30%.

Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of solar system you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar 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 Greencastle for a personalized quote.

Solar savings over time in Greencastle

Year Return on Investment
1 years $-14,783
3 years $-11,444
5 years $-8,106
7 years $-4,767
9 years $-1,428
11 years $1,911
13 years $5,250
15 years $8,588
17 years $11,927
19 years $15,266
21 years $18,605
23 years $21,943
25 years $25,282

Top Solar Installers in Greencastle

DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of an installer can make swapping over to solar power much easier. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.

Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Greencastle: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size. Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Greencastle, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Greencastle homeowners choose to finance their solar panel systems to make paying for solar more affordable. 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 principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Greencastle is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different price points. Additionally, some companies in Greencastle have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 $2.79 $11,706 $16,832 10.3 years
8 kW $2.73 $15,308 $22,743 10.1 years
10 kW $2.68 $18,760 $28,804 9.9 years
12 kW $2.63 $22,062 $35,015 9.7 years
14 kW $2.57 $25,213 $41,376 9.5 years
16 kW $2.52 $28,215 $47,887 9.3 years
18 kW $2.47 $31,067 $54,548 9.1 years
20 kW $2.41 $33,768 $61,360 8.9 years

Solar Incentives in Greencastle

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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: The model of solar panel you want to install plays a role in which installer you should choose, since different companies provide different panels.
  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
  • 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 your solar system's energy production.
  • Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important consideration when buying solar panels?

Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.

Do solar panels increase your home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Greencastle is currently $123,600, so you can expect about a value of about $5,068 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Greencastle is a rewarding investment.

What solar power system size is right for my home?

To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.

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.

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