Solar Panel Cost Guide in Lakes of the Four Seasons, IN (2023 Update)
- Lakes of the Four Seasons Solar Installation Cost: $16,768
- 25-Year Savings: $28,524
- Payback Period: 9.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lakes of the Four Seasons
Find out how much it might cost to make the switch to solar in Lakes of the Four Seasons.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lakes of the Four Seasons, the typical cost of a solar system is 2.68 per watt. The average Lakes of the Four Seasons homeowner needs a 8.9-kilowatt system, which would cost about $16,771 with the federal tax credit, or $23,983 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar panels you want, your solar contractor and more. Many homeowners find adopting solar power is a solid investment. The average homeowner in Lakes of the Four Seasons can save about $19,000 on their energy bills over 20 years.
To get a free estimate from a top solar company in Lakes of the Four Seasons, you can click the button below.
Solar savings over time in Lakes of the Four Seasons
| Year | Return on Investment |
|---|---|
| 1 years | $-16,617 |
| 3 years | $-16,315 |
| 5 years | $-16,013 |
| 7 years | $-15,711 |
| 9 years | $-15,409 |
| 11 years | $-15,108 |
| 13 years | $-14,806 |
| 15 years | $-14,504 |
| 17 years | $-14,202 |
| 19 years | $-13,900 |
| 21 years | $-13,598 |
| 23 years | $-13,296 |
| 25 years | $-12,994 |
Top Solar Installers in Lakes of the Four Seasons
Trying to put up solar panels by yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your family.
If you're on the hunt for a solar installer in Lakes of the Four Seasons, we've 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 Lakes of the Four Seasons
Factors that Affect Solar Panel Costs in Lakes of the Four Seasons
While the average cost of a solar system in Lakes of the Four Seasons is $16,771, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar panel system you need for your home, 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 about $2,680. The model of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Lakes of the Four Seasons offer solar loans, which reduce the initial cost of installing solar panels. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lakes of the Four Seasons, and each can charge different amounts for labor and equipment. Additionally, some companies in Lakes of the Four Seasons know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $18,697 | 9.6 years |
| 8 kW | $2.73 | $15,308 | $25,229 | 9.4 years |
| 10 kW | $2.68 | $18,760 | $31,912 | 9.3 years |
| 12 kW | $2.63 | $22,062 | $38,744 | 9.1 years |
| 14 kW | $2.57 | $25,213 | $45,727 | 8.9 years |
| 16 kW | $2.52 | $28,215 | $52,859 | 8.7 years |
| 18 kW | $2.47 | $31,067 | $60,142 | 8.5 years |
| 20 kW | $2.41 | $33,768 | $67,575 | 8.3 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
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 Lakes of the Four Seasons, IN Solar Cost FAQs
What is the average cost of installing solar panels in Lakes of the Four Seasons?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lakes of the Four Seasons?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on electricity bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lakes of the Four Seasons, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
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 buy between 20 and 35 panels to account for 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.