Solar Panel Cost Guide in Mccordsville, IN (2023 Update)
- Mccordsville Solar Installation Cost: $16,621
- 25-Year Savings: $23,257
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mccordsville
Find out what the average cost of solar panels are in Mccordsville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mccordsville, the average cost of solar panels is 2.68 per watt. To cover the typical energy usage of the average home in Mccordsville, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,621, or $23,768 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what company you go with. With average savings of about $17,000 on electricity bills over 20 years, many homeowners in Mccordsville find going solar has a decent ROI.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Mccordsville
| Year | Return on Investment |
|---|---|
| 1 years | $-15,026 |
| 3 years | $-11,836 |
| 5 years | $-8,646 |
| 7 years | $-5,455 |
| 9 years | $-2,265 |
| 11 years | $925 |
| 13 years | $4,115 |
| 15 years | $7,306 |
| 17 years | $10,496 |
| 19 years | $13,686 |
| 21 years | $16,876 |
| 23 years | $20,067 |
| 25 years | $23,257 |
Top Solar Installers in Mccordsville
Although it's possible to install solar panels on your own, it takes extra energy and handiness. For that reason, almost all homeowners choose to go with a solar panel installer. Another great thing about choosing a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
There are various 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 (coming 2022)
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 Mccordsville
Factors that Affect Solar Panel Costs in Mccordsville
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Mccordsville: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Mccordsville, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Mccordsville average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Mccordsville, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Mccordsville, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $15,286 | 10.8 years |
| 8 kW | $2.73 | $15,308 | $20,681 | 10.6 years |
| 10 kW | $2.68 | $18,760 | $26,227 | 10.4 years |
| 12 kW | $2.63 | $22,062 | $31,922 | 10.2 years |
| 14 kW | $2.57 | $25,213 | $37,768 | 10.0 years |
| 16 kW | $2.52 | $28,215 | $43,764 | 9.8 years |
| 18 kW | $2.47 | $31,067 | $49,909 | 9.6 years |
| 20 kW | $2.41 | $33,768 | $56,205 | 9.4 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on 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: The model of solar panel you want plays a role in which installer you should go with, since different companies offer different panels.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before signing a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Mccordsville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Mccordsville?
The average cost of solar panels in Mccordsville 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 like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Mccordsville?
You can't get solar panels for free in Mccordsville. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will solar panels impact my property value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.