Solar Panel Cost Guide in Marion, IN (2023 Update)
- Marion Solar Installation Cost: $16,675
- 25-Year Savings: $21,863
- Payback Period: 10.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Marion
Here's how much it might cost to make the switch to solar in Marion.
The national average cost of solar panels is $2.66 per watt, but in Marion it's 2.68 per watt. The average Marion homeowner needs a 8.9-kilowatt system, which would cost about $16,678 with the federal tax credit, or $23,850 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 may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more. With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Marion find going solar has a decent ROI.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-16,546 |
| 3 years | $-16,290 |
| 5 years | $-16,033 |
| 7 years | $-15,776 |
| 9 years | $-15,519 |
| 11 years | $-15,262 |
| 13 years | $-15,005 |
| 15 years | $-14,748 |
| 17 years | $-14,491 |
| 19 years | $-14,234 |
| 21 years | $-13,977 |
| 23 years | $-13,720 |
| 25 years | $-13,463 |
Top Solar Installers in Marion
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be challenging. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
Working with a vetted solar company can help your solar project go smoothly. 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 Marion
Factors that Affect Solar Panel Costs in Marion
For many Marion homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Marion, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Marion. The brand of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Marion to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Marion, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $14,307 | 11.3 years |
| 8 kW | $2.73 | $15,308 | $19,377 | 11.0 years |
| 10 kW | $2.68 | $18,760 | $24,596 | 10.8 years |
| 12 kW | $2.63 | $22,062 | $29,965 | 10.6 years |
| 14 kW | $2.57 | $25,213 | $35,485 | 10.4 years |
| 16 kW | $2.52 | $28,215 | $41,155 | 10.2 years |
| 18 kW | $2.47 | $31,067 | $46,974 | 10.0 years |
| 20 kW | $2.41 | $33,768 | $52,944 | 9.7 years |
How to Save on Solar Panels
There are a large number of companies available in Marion, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: Make sure your solar system installer 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 EcoWatch.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Solar Panel Brands: The type of solar panel you want plays a role in which company you should choose, since different companies offer different panels.
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 Marion, IN Solar Cost FAQs
How much does it cost to install solar panels in Marion?
The average cost of solar panels in Marion is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual 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.
Should I lease or buy solar panels in Marion?
Leasing solar panels can be an option if you are unable 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.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $867.12 per year.
How long do solar panels last in Marion?
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 decide to 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.