Solar Panel Cost Guide in Knox, IN (2024 Update)
- Knox Solar Installation Cost: $25,801
- 25-Year Savings: $30,718
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Knox
Here’s how much it might cost to make the switch to solar in Knox.
In Knox, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Knox, most homeowners require a 9.0-kilowatt system. Using the figure above, a solar installation costs around $25,801, or $36,895 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Knox homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in Knox can save around $20,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Knox
| Year | Return on Investment |
|---|---|
| 1 years | $-24,081 |
| 3 years | $-20,642 |
| 5 years | $-17,203 |
| 7 years | $-13,763 |
| 9 years | $-10,324 |
| 11 years | $-6,884 |
| 13 years | $-3,445 |
| 15 years | $-5 |
| 17 years | $3,434 |
| 19 years | $6,874 |
| 21 years | $10,313 |
| 23 years | $13,753 |
| 25 years | $17,192 |
Top Solar Installers in Knox
Although it's possible to install solar panels on your own, it requires extra labor and expertise. That's why the majority of homeowners choose to hire a solar panel installer. Another great thing about using a top solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you’d like to start using solar energy but still aren’t certain which solar panel company to go with, here are our suggestions for providers near you:
Best National Provider
SunPower
- 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
- 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 Knox
Factors that Affect Solar Panel Costs in Knox
The cost of installing a solar system in Knox can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,100.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Knox, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over five to seven years on average.Although solar loans make switching to solar energy more accessible for Knox homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Knox, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.The size of the company can sometimes play the most significant role in your 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 | $4.26 | $17,909 | $13,849 | 14.1 years |
| 8 kW | $4.18 | $23,419 | $18,924 | 13.8 years |
| 10 kW | $4.10 | $28,700 | $24,229 | 13.6 years |
| 12 kW | $4.02 | $33,751 | $29,764 | 13.3 years |
| 14 kW | $3.94 | $38,573 | $35,528 | 13.0 years |
| 16 kW | $3.85 | $43,165 | $41,522 | 12.7 years |
| 18 kW | $3.77 | $47,527 | $47,745 | 12.5 years |
| 20 kW | $3.69 | $51,660 | $54,198 | 12.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Knox, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
Best National Provider
SunPower
- 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
- 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 Knox, IN Solar Cost FAQs
What is the average cost of installing solar panels in Knox?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Knox?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Knox?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 once you've had them for that long or you can continue to use 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.