Solar Panel Cost Guide in Lakes Of The Four Seasons, IN (2023 Update)
- Lakes Of The Four Seasons Solar Installation Cost: $16,771
- 25-Year Savings: $28,521
- Payback Period: 9.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lakes Of The Four Seasons
Find out what the average cost of solar panels are in Lakes Of The Four Seasons.
The national average cost of solar panels is $2.66 per watt, but in Lakes Of The Four Seasons it's 2.68 per watt. To account for the typical energy usage of the average home in Lakes Of The Four Seasons, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs around $16,771, or $23,983 before the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Lakes Of The Four Seasons depending on several factors, such as the model of solar panels you choose and the solar contractor you hire. Despite the significant initial cost, the average Lakes Of The Four Seasons homeowner can save about $19,000 on their power bills over 20 years, which is one of the perks of solar.
To receive a free quote from a pre-vetted solar installer 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 | $-14,960 |
| 3 years | $-11,336 |
| 5 years | $-7,713 |
| 7 years | $-4,090 |
| 9 years | $-466 |
| 11 years | $3,157 |
| 13 years | $6,780 |
| 15 years | $10,404 |
| 17 years | $14,027 |
| 19 years | $17,650 |
| 21 years | $21,274 |
| 23 years | $24,897 |
| 25 years | $28,521 |
Top Solar Installers in Lakes Of The Four Seasons
Many homeowners opt for a solar installer since installing solar panels on your own can be challenging. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a professional 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 Lakes Of The Four Seasons
Factors that Affect Solar Panel Costs in Lakes Of The Four Seasons
There are a number of 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 does the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your all-in costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Lakes Of The Four Seasons, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger 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 | $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 company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable 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 look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
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 Lakes Of The Four Seasons, IN Solar Cost FAQs
How much does it cost to install solar panels in Lakes Of The Four Seasons?
This is a hard question to answer exactly, because the cost depends on a few different 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 other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lakes Of The Four Seasons?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,013.43 per year.
How often do you have to replace solar panels?
Even 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.