Solar Panel Cost Guide in Marion, IN (2023 Update)
- Marion Solar Installation Cost: $16,678
- 25-Year Savings: $21,860
- Payback Period: 10.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Marion
Let's have a look at the average cost of 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 solar panel system size in Marion is around 8.9 kilowatts, meaning a cost of about $16,678 for a solar installation, or $23,850 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs will differ based on your energy needs and what company you want to go with. Despite the high initial cost, the average Marion homeowner can save about $16,000 on their power bills over 20 years, which is one of the advantages of solar.
To receive a free estimate from a top solar installation company in Marion, you can click the button below.
Solar savings over time in Marion
| Year | Return on Investment |
|---|---|
| 1 years | $-15,136 |
| 3 years | $-12,053 |
| 5 years | $-8,970 |
| 7 years | $-5,887 |
| 9 years | $-2,804 |
| 11 years | $279 |
| 13 years | $3,362 |
| 15 years | $6,445 |
| 17 years | $9,528 |
| 19 years | $12,611 |
| 21 years | $15,694 |
| 23 years | $18,777 |
| 25 years | $21,860 |
Top Solar Installers in Marion
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar company can make converting to solar power much easier. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company can make going solar easier. 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
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Marion: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Marion homeowners opt to finance their solar panel systems to make paying for solar more affordable. 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 key cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Marion, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
Since the model of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the project timeline.
- Reputation: Long-standing companies likely have a solid 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 service, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
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
What is the average cost of installing 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 real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Marion?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.