Solar Panel Cost Guide in Indianapolis, IN (Mar 2023)
- Indianapolis Solar Installation Cost: $16,565
- 25-Year Savings: $21,984
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Indianapolis
Let's take a look at the average cost of solar panels in Indianapolis.
Although the national average of solar panels is $2.66 per watt, solar panels in Indianapolis typically cost about 2.68. To account for the typical energy usage of the average home in Indianapolis, most homeowners require a 8.8-kilowatt system. Using the figure above, a solar installation costs around $16,565, or $23,688 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Indianapolis homeowners. 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. With typical savings of about $17,000 on electricity bills over 20 years, many homeowners in Indianapolis find going solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Indianapolis
| Year | Return on Investment |
|---|---|
| 1 years | $-15,023 |
| 3 years | $-11,939 |
| 5 years | $-8,855 |
| 7 years | $-5,771 |
| 9 years | $-2,688 |
| 11 years | $396 |
| 13 years | $3,480 |
| 15 years | $6,564 |
| 17 years | $9,648 |
| 19 years | $12,732 |
| 21 years | $15,816 |
| 23 years | $18,900 |
| 25 years | $21,984 |
Top Solar Installers in Indianapolis
Many homeowners decide to use a solar panel company since installing solar panels on your own can be a lot of work. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar panel installer to go with, here are our suggestions for providers nearby:
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 Indianapolis
Factors that Affect Solar Panel Costs in Indianapolis
There are many factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Indianapolis, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. Though solar loans make going solar more accessible for Indianapolis homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can play a part in determining how much you pay. Indianapolis' solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $14,499 | 11.2 years |
| 8 kW | $2.73 | $15,308 | $19,632 | 11.0 years |
| 10 kW | $2.68 | $18,760 | $24,916 | 10.7 years |
| 12 kW | $2.63 | $22,062 | $30,349 | 10.5 years |
| 14 kW | $2.57 | $25,213 | $35,932 | 10.3 years |
| 16 kW | $2.52 | $28,215 | $41,666 | 10.1 years |
| 18 kW | $2.47 | $31,067 | $47,550 | 9.9 years |
| 20 kW | $2.41 | $33,768 | $53,583 | 9.7 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 Indianapolis, IN Solar Cost FAQs
How much does it cost to install solar panels in Indianapolis?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Indianapolis?
You can't get solar panels for free in Indianapolis. However, you may still be able to afford 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.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Indianapolis is currently $146,899, so you can look forward to a value of about $6,023 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Indianapolis is a worthwhile investment.
How long do solar panels last in Indianapolis?
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 level 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.