Solar Panel Cost Guide in Lafayette, IN (2024 Update)
- Lafayette Solar Installation Cost: $25,470
- 25-Year Savings: $23,870
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Lafayette
Let’s take a look at the average cost of solar panels in Lafayette.
While the national average of solar panels is $2.66 per watt, solar panels in Lafayette generally cost around 4.Because a 8.9-kW system is needed to cover the energy costs of a typical home in Lafayette, the average price of going solar will be about $25,470 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with.Despite the significant upfront cost, the average Lafayette homeowner can save about $17,000 on their energy bills over 20 years, which is one of the perks of solar.
To get a free estimate from a pre-vetted solar installer in Lafayette, you can click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-24,145 |
| 3 years | $-21,493 |
| 5 years | $-18,842 |
| 7 years | $-16,191 |
| 9 years | $-13,540 |
| 11 years | $-10,888 |
| 13 years | $-8,237 |
| 15 years | $-5,586 |
| 17 years | $-2,935 |
| 19 years | $-284 |
| 21 years | $2,368 |
| 23 years | $5,019 |
| 25 years | $7,670 |
Top Solar Installers in Lafayette
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels by yourself can be a lot of work. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy use, but going with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lafayette
Factors that Affect Solar Panel Costs in Lafayette
There are many factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,100.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Lafayette homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s crucial to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lafayette is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that offer a range of services at different costs.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that has the products, warranties and services you’re looking for and also is within your budget.
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 | $9,485 | 16.3 years |
| 8 kW | $4.18 | $23,419 | $13,106 | 16.0 years |
| 10 kW | $4.10 | $28,700 | $16,957 | 15.7 years |
| 12 kW | $4.02 | $33,751 | $21,037 | 15.4 years |
| 14 kW | $3.94 | $38,573 | $25,347 | 15.1 years |
| 16 kW | $3.85 | $43,165 | $29,886 | 14.8 years |
| 18 kW | $3.77 | $47,527 | $34,655 | 14.5 years |
| 20 kW | $3.69 | $51,660 | $39,654 | 14.1 years |
How to Save on Solar Panels
The solar company you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you care about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lafayette, IN Solar Cost FAQs
How much does it cost to install solar panels in Lafayette?
The average cost of solar panels in Lafayette is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lafayette?
Solar panels aren’t free in Lafayette, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Lafayette?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.