Solar Panel Cost Guide in Melody Hill, IN (2024 Update)
- Melody Hill Solar Installation Cost: $24,325
- 25-Year Savings: $34,351
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Melody Hill
We go over average solar pricing in Melody Hill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Melody Hill, the average cost of solar panels is 4 per watt.To account for the typical energy usage of the average home in Melody Hill, most homeowners require a 8.5-kilowatt system. Using the figure above, a solar installation costs around $24,325, or $34,785 before the federal solar tax credit of 0 is applied.
These figures are just averages, and the cost of going solar for you will most likely differ based on your specific situation and what company you want to go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $23,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Melody Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-22,543 |
| 3 years | $-18,979 |
| 5 years | $-15,415 |
| 7 years | $-11,852 |
| 9 years | $-8,288 |
| 11 years | $-4,724 |
| 13 years | $-1,160 |
| 15 years | $2,404 |
| 17 years | $5,967 |
| 19 years | $9,531 |
| 21 years | $13,095 |
| 23 years | $16,659 |
| 25 years | $20,223 |
Top Solar Installers in Melody Hill
Installing solar panels on your own can be a stressful task, which is why getting a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
There are many factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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 $4,100.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Melody Hill homeowners opt to finance their solar panel systems to make going solar more affordable.You’ll have to consider the long-term cost of loans, 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 considerably.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have 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 down to compete with bigger names.
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 | $17,665 | 12.6 years |
| 8 kW | $4.18 | $23,419 | $24,012 | 12.3 years |
| 10 kW | $4.10 | $28,700 | $30,589 | 12.1 years |
| 12 kW | $4.02 | $33,751 | $37,396 | 11.9 years |
| 14 kW | $3.94 | $38,573 | $44,432 | 11.6 years |
| 16 kW | $3.85 | $43,165 | $51,698 | 11.4 years |
| 18 kW | $3.77 | $47,527 | $59,193 | 11.1 years |
| 20 kW | $3.69 | $51,660 | $66,918 | 10.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose greatly affects your costs and your system’s durability and efficiency, 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 kind of solar panel you want to get plays a role in which company you should choose, since different companies offer different panels.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process will go and the completion timeline.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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?
The average cost of solar panels in Melody Hill is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Melody Hill?
A solar panel system isn’t free in Melody Hill, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is going solar worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.