Solar Panel Cost Guide in Lawrenceburg, IN (Mar 2023)
- Lawrenceburg Solar Installation Cost: $16,284
- 25-Year Savings: $22,528
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lawrenceburg
Find out how much it might cost to go solar in Lawrenceburg.
The national average cost of solar panels is $2.66 per watt, but in Lawrenceburg it's 2.68 per watt. To account for the typical energy needs of the average home in Lawrenceburg, most homeowners require a 8.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,284, or $23,286 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized estimate.
Solar savings over time in Lawrenceburg
| Year | Return on Investment |
|---|---|
| 1 years | $-14,731 |
| 3 years | $-11,626 |
| 5 years | $-8,521 |
| 7 years | $-5,416 |
| 9 years | $-2,312 |
| 11 years | $793 |
| 13 years | $3,898 |
| 15 years | $7,003 |
| 17 years | $10,108 |
| 19 years | $13,213 |
| 21 years | $16,318 |
| 23 years | $19,423 |
| 25 years | $22,528 |
Top Solar Installers in Lawrenceburg
Although you can install solar panels on your own, it takes extra energy and knowledge. For that reason, most people choose to hire a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
If you're on the hunt for a solar installer in Lawrenceburg, the EcoWatch team has put together 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 (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 Lawrenceburg
Factors that Affect Solar Panel Costs in Lawrenceburg
There are a number of criteria that can play into your 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
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lawrenceburg, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. 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 Lawrenceburg to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Lawrenceburg is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that offer a range of services at different price points. Additionally, some companies in Lawrenceburg are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $15,116 | 10.9 years |
| 8 kW | $2.73 | $15,308 | $20,455 | 10.7 years |
| 10 kW | $2.68 | $18,760 | $25,944 | 10.5 years |
| 12 kW | $2.63 | $22,062 | $31,583 | 10.3 years |
| 14 kW | $2.57 | $25,213 | $37,373 | 10.1 years |
| 16 kW | $2.52 | $28,215 | $43,312 | 9.9 years |
| 18 kW | $2.47 | $31,067 | $49,401 | 9.7 years |
| 20 kW | $2.41 | $33,768 | $55,641 | 9.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: If you care about the endurance of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Lawrenceburg, IN Solar Cost FAQs
How much does it cost to install solar panels in Lawrenceburg?
The average cost of solar panels in Lawrenceburg 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 type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lawrenceburg?
You can't get solar panels for free in Lawrenceburg. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lawrenceburg is currently $169,900, which means you could be looking at a value of about $6,966 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lawrenceburg is a worthwhile investment.
How long do solar panels last in Lawrenceburg?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.