Solar Panel Cost Guide in Melody Hill, IN (2023 Update)
- Melody Hill Solar Installation Cost: $15,900
- 25-Year Savings: $34,351
- Payback Period: 7.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Melody Hill
Find out what the average cost of solar panels are in Melody Hill.
The national average cost of solar panels is $2.66 per watt, but in Melody Hill it's 2.68 per watt. Using this figure, a typical 8.5-kW system would cost about $15,908 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $23,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Melody Hill for a quote for your home.
Solar savings over time in Melody Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-15,733 |
| 3 years | $-15,398 |
| 5 years | $-15,063 |
| 7 years | $-14,728 |
| 9 years | $-14,393 |
| 11 years | $-14,058 |
| 13 years | $-13,723 |
| 15 years | $-13,388 |
| 17 years | $-13,053 |
| 19 years | $-12,718 |
| 21 years | $-12,383 |
| 23 years | $-12,048 |
| 25 years | $-11,713 |
Top Solar Installers in Melody Hill
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Using a solar panel installer can make swapping over to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you pick which one will be best for you.
Working with a professional solar installer can help you make the most of your investment in solar. 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 Melody Hill
Factors that Affect Solar Panel Costs in Melody Hill
For many Melody Hill homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Melody Hill, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different 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 need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,680. The kind of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will influence your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $23,867 | 8.2 years |
| 8 kW | $2.73 | $15,308 | $32,123 | 8.1 years |
| 10 kW | $2.68 | $18,760 | $40,529 | 7.9 years |
| 12 kW | $2.63 | $22,062 | $49,085 | 7.8 years |
| 14 kW | $2.57 | $25,213 | $57,791 | 7.6 years |
| 16 kW | $2.52 | $28,215 | $66,648 | 7.4 years |
| 18 kW | $2.47 | $31,067 | $75,654 | 7.3 years |
| 20 kW | $2.41 | $33,768 | $84,810 | 7.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
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 Melody Hill, IN Solar Cost FAQs
How much does it cost to install solar panels in Melody Hill?
This is a hard question to answer precisely, because the cost depends on many 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Melody Hill?
You can't get solar panels for free in Melody Hill. 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 want to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Melody Hill?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can 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 buy between 20 and 35 panels to account for 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.