Solar Panel Cost Guide in Martinsville, IN (2024 Update)
- Martinsville Solar Installation Cost: $25,078
- 25-Year Savings: $26,912
- Payback Period: 14.5 Years
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Average Cost of Solar Panels in Martinsville
Find out what the average cost of solar panels are in Martinsville.
While the national average of solar panels is $2.66 per watt, solar panels in Martinsville generally cost around 4.To cover the typical energy usage of the average home in Martinsville, most homeowners require a 8.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $25,078, or $35,862 before the federal solar tax credit of 0 is applied.
The actual price you pay can go above or below the average in Martinsville based on a few factors, such as the model of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $19,000 over 20 years on power bills.
Click the button below to get connected to a top solar panel company in your area for a custom estimate.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,752 |
| 3 years | $-21,101 |
| 5 years | $-18,450 |
| 7 years | $-15,799 |
| 9 years | $-13,147 |
| 11 years | $-10,496 |
| 13 years | $-7,845 |
| 15 years | $-5,194 |
| 17 years | $-2,543 |
| 19 years | $109 |
| 21 years | $2,760 |
| 23 years | $5,411 |
| 25 years | $8,062 |
Top Solar Installers in Martinsville
Trying to put up solar panels on your own can be a stressful task, which is why getting a solar installation company is a good option for many homeowners. Plus, if you’re unsure what brand of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar installer 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
See all of the solar companies in Martinsville
Factors that Affect Solar Panel Costs in Martinsville
Though the average cost of a solar system in Martinsville is $25,078, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require 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 model of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than 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 researching a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Martinsville is the company you get to install your PV system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services at different costs.Additionally, some companies in Martinsville know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $4.26 | $17,909 | $11,827 | 15.1 years |
| 8 kW | $4.18 | $23,419 | $16,228 | 14.8 years |
| 10 kW | $4.10 | $28,700 | $20,859 | 14.5 years |
| 12 kW | $4.02 | $33,751 | $25,719 | 14.2 years |
| 14 kW | $3.94 | $38,573 | $30,810 | 13.9 years |
| 16 kW | $3.85 | $43,165 | $36,129 | 13.6 years |
| 18 kW | $3.77 | $47,527 | $41,679 | 13.3 years |
| 20 kW | $3.69 | $51,660 | $47,458 | 13.0 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Martinsville, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- 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 the installation process.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Martinsville, IN Solar Cost FAQs
How much does it cost to install solar panels in Martinsville?
The average cost of solar panels in Martinsville 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 Martinsville?
Leasing solar panels can be an appealing choice, because it typically 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 way to go if you want to maximize your savings.
Is it worth going solar in Martinsville?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in Martinsville?
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 larger 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.