Solar Panel Cost Guide in Indianapolis, IN (Nov 2022)

  • Indianapolis Solar Installation Cost: $16,565
  • 25-Year Savings: $21,984
  • Payback Period: 10.7 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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.

The national average cost of solar panels is $2.66 per watt, but in Indianapolis it's $3 per watt. Because a 8.8-kW system is needed to cover the energy usage of a typical home in Indianapolis, the average price of going solar will be about $16,565 before claiming the federal solar tax credit of 30%.

These figures are only averages, and how much solar costs for you will most likely differ based on the amount of energy your home requires and what company you choose to go with. Despite the large initial cost, the average Indianapolis homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the positives of solar.

Click the button below to get connected to a reputable solar panel company in your area for a customized estimate.

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

When switching to solar energy, many homeowners opt to use a solar installer since DIY solar panel installation can be a challenging project. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.

If you'd like to start using solar energy but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:

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

Tesla Energy

★★★★★
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 Indianapolis

Factors that Affect Solar Panel Costs in Indianapolis

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

Solar Equipment

System size is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important 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 difficult. Solar loans are provided by most installers in Indianapolis, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.

Solar Panel Installation Company

The final key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Indianapolis, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.

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 company you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:

  • Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
  • Contract: Before signing a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.

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

Tesla Energy

★★★★★
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 Indianapolis, IN Solar Cost FAQs

What is the average cost of installing solar panels in Indianapolis?

The average cost of solar panels in Indianapolis 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.

Are solar panels 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'd prefer to own your solar panels, you can finance them with a solar loan.

Can solar panels completely eradicate my energy bills?

Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $873.51 per year.

How long do solar panels last in Indianapolis?

Although 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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.

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