Solar Panel Cost Guide in Martinsville, IN (2023 Update)
- Martinsville Solar Installation Cost: $16,396
- 25-Year Savings: $26,908
- Payback Period: 9.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Martinsville
Let's have a look at the average cost of solar in Martinsville.
In Martinsville, solar panels cost about 2.68 per watt on average. The average solar panel system size in Martinsville is around 8.7 kilowatts, meaning a cost of about $16,396 for a solar installation, or $23,446 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Martinsville homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar panels is worth paying. On average Martinsville homeowners see about $19,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,664 |
| 3 years | $-11,200 |
| 5 years | $-7,735 |
| 7 years | $-4,271 |
| 9 years | $-807 |
| 11 years | $2,658 |
| 13 years | $6,122 |
| 15 years | $9,586 |
| 17 years | $13,051 |
| 19 years | $16,515 |
| 21 years | $19,980 |
| 23 years | $23,444 |
| 25 years | $26,908 |
Top Solar Installers in Martinsville
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make your switch to solar power much easier. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what type of solar equipment would be right for your home.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Martinsville
Factors that Affect Solar Panel Costs in Martinsville
The cost of installing a solar system in Martinsville can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Martinsville to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can influence the cost. Martinsville's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering 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 | $2.79 | $11,706 | $18,029 | 9.8 years |
| 8 kW | $2.73 | $15,308 | $24,339 | 9.7 years |
| 10 kW | $2.68 | $18,760 | $30,799 | 9.5 years |
| 12 kW | $2.63 | $22,062 | $37,409 | 9.3 years |
| 14 kW | $2.57 | $25,213 | $44,169 | 9.1 years |
| 16 kW | $2.52 | $28,215 | $51,079 | 8.9 years |
| 18 kW | $2.47 | $31,067 | $58,139 | 8.7 years |
| 20 kW | $2.41 | $33,768 | $65,350 | 8.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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 considerable role in the company you opt for.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Contract: Before signing a contract with a solar company, make sure to read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
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 Martinsville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Martinsville?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will having solar panels impact the value of my home?
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 Martinsville is currently $161,800, which means you could be looking at a value of about $6,634 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Martinsville is a rewarding investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.