Solar Panel Cost Guide in Lebanon, IN (2023 Update)
- Lebanon Solar Installation Cost: $16,620
- 25-Year Savings: $23,773
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lebanon
Let's take a look at the average cost of solar in Lebanon.
In Lebanon, solar panels cost about 2.68 per watt on average. The average Lebanon homeowner needs a 8.9-kilowatt system, which would cost about $16,621 with the federal tax credit, or $23,768 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what installation company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on power bills.
To get a free estimate from a vetted solar company in Lebanon, you can click the button below.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-15,314 |
| 3 years | $-12,704 |
| 5 years | $-10,094 |
| 7 years | $-7,483 |
| 9 years | $-4,873 |
| 11 years | $-2,262 |
| 13 years | $348 |
| 15 years | $2,959 |
| 17 years | $5,569 |
| 19 years | $8,179 |
| 21 years | $10,790 |
| 23 years | $13,400 |
| 25 years | $16,011 |
Top Solar Installers in Lebanon
Many homeowners opt for a solar installer since installing solar panels on your own can be time-consuming. Plus, if you're not certain what type of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
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 performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar system in Lebanon, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating in Lebanon, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $15,651 | 10.7 years |
| 8 kW | $2.73 | $15,308 | $21,168 | 10.5 years |
| 10 kW | $2.68 | $18,760 | $26,835 | 10.3 years |
| 12 kW | $2.63 | $22,062 | $32,652 | 10.1 years |
| 14 kW | $2.57 | $25,213 | $38,619 | 9.9 years |
| 16 kW | $2.52 | $28,215 | $44,736 | 9.7 years |
| 18 kW | $2.47 | $31,067 | $51,004 | 9.5 years |
| 20 kW | $2.41 | $33,768 | $57,421 | 9.3 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two 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: Before you sign a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
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 Lebanon, IN Solar Cost FAQs
How much does it cost to install solar panels in Lebanon?
This is a tough question to answer precisely, 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 more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Lebanon?
Leasing solar panels can be an option if you can't afford to 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 bang for your buck from going solar.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lebanon is currently $145,100, so you could be looking at a value of about $5,949 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lebanon is a fruitful investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.