Solar Panel Cost Guide in Knox, IN (2023 Update)
- Knox Solar Installation Cost: $16,865
- 25-Year Savings: $30,718
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Knox
Find out what the average cost of installing solar panels is in Knox.
The average cost of a solar system in Knox is 2.68 per watt. The average solar panel system size in Knox is around 9.0 kilowatts, meaning a cost of about $16,865 for a solar installation, or $24,117 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary depending on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Knox see about $20,000 in savings on utility bills over 20 years.
To receive a free quote from a pre-vetted solar installer in Knox, you can click the button below.
Solar savings over time in Knox
| Year | Return on Investment |
|---|---|
| 1 years | $-14,962 |
| 3 years | $-11,155 |
| 5 years | $-7,349 |
| 7 years | $-3,542 |
| 9 years | $265 |
| 11 years | $4,071 |
| 13 years | $7,878 |
| 15 years | $11,685 |
| 17 years | $15,491 |
| 19 years | $19,298 |
| 21 years | $23,105 |
| 23 years | $26,911 |
| 25 years | $30,718 |
Top Solar Installers in Knox
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be hard. Also, if you'd like to maximize your investment in solar, using a solar installer can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives and net metering programs.
If you're on the hunt for a solar company in Knox, the EcoWatch team has compiled a list of our top suggestions here:
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 determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Knox, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you're looking 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
Many homeowners find the average cost of solar in Knox to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies operating in Knox, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $20,051 | 9.2 years |
| 8 kW | $2.73 | $15,308 | $27,035 | 9.0 years |
| 10 kW | $2.68 | $18,760 | $34,169 | 8.9 years |
| 12 kW | $2.63 | $22,062 | $41,453 | 8.7 years |
| 14 kW | $2.57 | $25,213 | $48,887 | 8.5 years |
| 16 kW | $2.52 | $28,215 | $56,471 | 8.3 years |
| 18 kW | $2.47 | $31,067 | $64,206 | 8.2 years |
| 20 kW | $2.41 | $33,768 | $72,090 | 8.0 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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
How much does it cost to install solar panels in Knox?
This is a tough question to answer exactly, because the cost depends on many 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Knox?
You can't get solar panels for free in Knox. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Knox?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.