Solar Panel Cost Guide in Marion, IN (2025 Update)
- Marion Solar Installation Cost: $25,510
- 25-Year Savings: $21,863
- Payback Period: 16.5 Years
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Average Cost of Solar Panels in Marion
Let’s have a look at the average cost of solar in Marion.
Although the national average of solar panels is $2.66 per watt, solar panels in Marion generally cost around 4.To account for the typical energy needs of the average home in Marion, most homeowners require a 8.9-kilowatt system. Using the figure above, a solar installation costs about $25,510, or $36,479 before the federal solar tax credit of 0 is applied.
These figures are just averages, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you choose to go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on electricity bills.
You can click the button below to get connected with a top solar installer in Marion for a quote for your home.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-23,893 |
| 3 years | $-20,658 |
| 5 years | $-17,423 |
| 7 years | $-14,188 |
| 9 years | $-10,953 |
| 11 years | $-7,718 |
| 13 years | $-4,484 |
| 15 years | $-1,249 |
| 17 years | $1,986 |
| 19 years | $5,221 |
| 21 years | $8,456 |
| 23 years | $11,691 |
| 25 years | $14,926 |
Top Solar Installers in Marion
When making the switch to solar, many homeowners choose to hire a solar installation company since handling can be a difficult project. The payback period on an investment in solar panels will vary based on factors like your location and energy consumption, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
See all of the solar companies in Marion
Factors that Affect Solar Panel Costs in Marion
For many Marion homeowners, the decision to go solar 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 numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use 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 $4,100.The type of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Marion homeowners decide to finance their solar panel systems to make paying for solar more affordable.While solar loans make switching to solar energy more accessible for Marion homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Marion, and each can charge varying amounts for labor and equipment.Larger national companies generally 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 extra 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 | $4.26 | $17,909 | $8,105 | 17.2 years |
| 8 kW | $4.18 | $23,419 | $11,266 | 16.9 years |
| 10 kW | $4.10 | $28,700 | $14,656 | 16.5 years |
| 12 kW | $4.02 | $33,751 | $18,276 | 16.2 years |
| 14 kW | $3.94 | $38,573 | $22,126 | 15.9 years |
| 16 kW | $3.85 | $43,165 | $26,205 | 15.6 years |
| 18 kW | $3.77 | $47,527 | $30,514 | 15.2 years |
| 20 kW | $3.69 | $51,660 | $35,052 | 14.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose greatly affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
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 $20,500 for a 5-kW system and $41,000 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 consume.
Is it better to lease or buy solar panels in Marion?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will having solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Marion is currently $115,218, which means you can look forward to a value of about $4,724 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Marion is a rewarding investment.
How long do solar panels last in Marion?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of 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.