Solar Panel Cost Guide in Hammond, IN (Mar 2023)
- Hammond Solar Installation Cost: $16,771
- 25-Year Savings: $31,051
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hammond
Let's take a look at the average cost of solar panels in Hammond.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hammond, the typical cost of a solar system is 2.68 per watt. Because a 8.9-kW system is needed to cover the energy needs of a typical home in Hammond, the average price of going solar will be about $16,771 after 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 choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $20,000 over 20 years on electricity bills.
Click the button below to get connected to a vetted solar installer in your area for a personalized quote.
Solar savings over time in Hammond
| Year | Return on Investment |
|---|---|
| 1 years | $-14,859 |
| 3 years | $-11,033 |
| 5 years | $-7,207 |
| 7 years | $-3,381 |
| 9 years | $445 |
| 11 years | $4,270 |
| 13 years | $8,096 |
| 15 years | $11,922 |
| 17 years | $15,748 |
| 19 years | $19,573 |
| 21 years | $23,399 |
| 23 years | $27,225 |
| 25 years | $31,051 |
Top Solar Installers in Hammond
Many homeowners decide to use a solar panel company since trying to put up solar panels on your own can be a lot of work. Another good thing about going with a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
There are a number of licensed solar professionals that can install solar panels for you. 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 Hammond
Factors that Affect Solar Panel Costs in Hammond
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Hammond: solar equipment and system size, financing options and the solar installation company you choose. We'll cover 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 uses, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Hammond. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 power bills. In addition, extra products, such as solar batteries, can bring your total well above the Hammond average.
Solar Financing Terms
Many homeowners find the average cost of solar in Hammond to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect the cost. Hammond's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $20,387 | 9.1 years |
| 8 kW | $2.73 | $15,308 | $27,483 | 8.9 years |
| 10 kW | $2.68 | $18,760 | $34,729 | 8.8 years |
| 12 kW | $2.63 | $22,062 | $42,125 | 8.6 years |
| 14 kW | $2.57 | $25,213 | $49,671 | 8.4 years |
| 16 kW | $2.52 | $28,215 | $57,367 | 8.2 years |
| 18 kW | $2.47 | $31,067 | $65,213 | 8.1 years |
| 20 kW | $2.41 | $33,768 | $73,210 | 7.9 years |
How to Save on Solar Panels
There are a large number of companies available in Hammond, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
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 Hammond, IN Solar Cost FAQs
What is the average cost of installing solar panels in Hammond?
This is a difficult question to answer precisely, 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase your property's value significantly 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% after installing solar panels."
How many solar panels should I get to power my home?
To figure out what solar panel system size 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.