Solar Panel Cost Guide in Lafayette, IN (Mar 2023)
- Lafayette Solar Installation Cost: $16,640
- 25-Year Savings: $23,879
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lafayette
See how much it might cost to install solar panels in Lafayette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lafayette, the average cost of solar panels is 2.68 per watt. 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 $16,640 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Lafayette based on several factors, such as the kind of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $17,000 over 20 years on utility bills.
To receive 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 | $-15,019 |
| 3 years | $-11,778 |
| 5 years | $-8,536 |
| 7 years | $-5,295 |
| 9 years | $-2,053 |
| 11 years | $1,188 |
| 13 years | $4,430 |
| 15 years | $7,671 |
| 17 years | $10,913 |
| 19 years | $14,154 |
| 21 years | $17,396 |
| 23 years | $20,637 |
| 25 years | $23,879 |
Top Solar Installers in Lafayette
Although you can install solar panels by yourself, it involves extra labor and knowledge. Because of that, the majority of homeowners choose a solar panel installer. Plus, 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 how to install solar panels and sometimes even information on local incentives.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
For many Lafayette homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lafayette, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,680. The kind of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lafayette to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lafayette, you'll have plenty of options to choose from, but each comes at various 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 | $15,688 | 10.7 years |
| 8 kW | $2.73 | $15,308 | $21,217 | 10.5 years |
| 10 kW | $2.68 | $18,760 | $26,897 | 10.3 years |
| 12 kW | $2.63 | $22,062 | $32,726 | 10.1 years |
| 14 kW | $2.57 | $25,213 | $38,706 | 9.9 years |
| 16 kW | $2.52 | $28,215 | $44,836 | 9.7 years |
| 18 kW | $2.47 | $31,067 | $51,116 | 9.5 years |
| 20 kW | $2.41 | $33,768 | $57,546 | 9.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Lafayette, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should go with, since different companies provide different panels.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.
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 Lafayette, IN Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
The average cost of solar panels in Lafayette 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lafayette?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Does Lafayette have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses 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 household 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.