Solar Panel Cost Guide in Kokomo, IN (Feb 2023)
- Kokomo Solar Installation Cost: $16,640
- 25-Year Savings: $24,115
- Payback Period: 10.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Kokomo
Find out what the average cost of installing solar panels is in Kokomo.
Although the national average of solar panels is $2.66 per watt, solar panels in Kokomo generally cost about $3. Using this figure, a typical 8.9 would cost about $16,640 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. Even with the large initial cost, the average Kokomo homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Kokomo
| Year | Return on Investment |
|---|---|
| 1 years | $-15,010 |
| 3 years | $-11,749 |
| 5 years | $-8,489 |
| 7 years | $-5,229 |
| 9 years | $-1,968 |
| 11 years | $1,292 |
| 13 years | $4,553 |
| 15 years | $7,813 |
| 17 years | $11,073 |
| 19 years | $14,334 |
| 21 years | $17,594 |
| 23 years | $20,855 |
| 25 years | $24,115 |
Top Solar Installers in Kokomo
Although it's possible to install solar panels on your own, it takes extra energy and knowledge. Because of that, almost all homeowners choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for you.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Kokomo
Factors that Affect Solar Panel Costs in Kokomo
There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Kokomo. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Kokomo, 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
Many homeowners find the average cost of solar in Kokomo to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Kokomo, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,853 | 10.6 years |
| 8 kW | $2.73 | $15,308 | $21,438 | 10.4 years |
| 10 kW | $2.68 | $18,760 | $27,173 | 10.2 years |
| 12 kW | $2.63 | $22,062 | $33,057 | 10.0 years |
| 14 kW | $2.57 | $25,213 | $39,092 | 9.8 years |
| 16 kW | $2.52 | $28,215 | $45,277 | 9.6 years |
| 18 kW | $2.47 | $31,067 | $51,612 | 9.4 years |
| 20 kW | $2.41 | $33,768 | $58,097 | 9.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
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 Kokomo, IN Solar Cost FAQs
How much does it cost to install solar panels in Kokomo?
The average cost of solar panels in Kokomo is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Kokomo?
Leasing solar panels can be an option if you are unable to 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 it worth going solar in Kokomo?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Kokomo?
Though 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 their energy production will have decreased significantly after that point. You can decide to replace them after having 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.