Solar Panel Cost Guide in Lebanon, IN (Mar 2023)
- Lebanon Solar Installation Cost: $16,621
- 25-Year Savings: $23,771
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lebanon
Here's how much it might cost to switch to solar power in Lebanon.
The average cost of a solar system in Lebanon is 2.68 per watt. The average solar panel system size in Lebanon is around 8.9 kilowatts, meaning a cost of about $16,621 for a solar installation, or $23,768 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will look different based on your specific situation and what company you choose to go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Lebanon can save around $17,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-15,006 |
| 3 years | $-11,774 |
| 5 years | $-8,543 |
| 7 years | $-5,311 |
| 9 years | $-2,080 |
| 11 years | $1,151 |
| 13 years | $4,383 |
| 15 years | $7,614 |
| 17 years | $10,846 |
| 19 years | $14,077 |
| 21 years | $17,309 |
| 23 years | $20,540 |
| 25 years | $23,771 |
Top Solar Installers in Lebanon
Many homeowners decide to hire a solar panel installer since installing solar panels yourself can be a labor-intensive endeavor. Companies can also have access to quality options of the best solar panels and help you choose which one will be right for your family.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our recommendations for providers near you:
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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Lebanon: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,680. The type of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about 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's in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable choice 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 total costs, so it's vital to keep that in mind 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
A final factor to consider when trying to estimate the cost of solar for your home or business in Lebanon is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, you'll have many options for solar installers that offer a range of services at different costs. Additionally, some companies in Lebanon are more knowledgeable about local solar incentives and can help you take advantage of 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 help you save 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 | $15,651 | 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
There are many companies available in Lebanon, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar panel company. Make sure you understand how the installation process works and the completion timeline.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- 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.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
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 Lebanon, IN Solar Cost FAQs
What is the average cost of installing solar panels in Lebanon?
The average cost of solar panels in Lebanon 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 kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lebanon?
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 can't take advantage of 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 savings from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Lebanon?
On average, the lifespan of solar panels is 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.