Solar Panel Cost Guide in Merrillville, IN (2024 Update)
- Merrillville Solar Installation Cost: $25,659
- 25-Year Savings: $29,785
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Merrillville
See how much it might cost to make the switch to solar in Merrillville.
In Merrillville, solar panels cost about 4 per watt on average.The average Merrillville homeowner needs a 8.9-kilowatt system, which would cost about $25,659 with the federal tax credit, or $36,692 before the 0 tax credit is applied.
The true cost of your system can go above or below the average in Merrillville depending on a few factors, such as the type of solar panels you choose and the solar installer you hire.Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Merrillville can save around $20,000 on their power bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Merrillville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,940 |
| 3 years | $-20,500 |
| 5 years | $-17,061 |
| 7 years | $-13,621 |
| 9 years | $-10,182 |
| 11 years | $-6,742 |
| 13 years | $-3,303 |
| 15 years | $137 |
| 17 years | $3,576 |
| 19 years | $7,015 |
| 21 years | $10,455 |
| 23 years | $13,894 |
| 25 years | $17,334 |
Top Solar Installers in Merrillville
Although you can install solar panels by yourself, it requires extra labor and knowledge. For that reason, almost all homeowners choose to go with a solar panel installer. Also, companies with a good 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 switch to solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers near you:
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 Merrillville
Factors that Affect Solar Panel Costs in Merrillville
For many Merrillville homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Merrillville, with typical prices between $20,000 to $40,000. There are a few factors that considerably 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 notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher 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 kind of solar equipment you choose can increase or decrease your cost 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. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Merrillville average.
Solar Financing Terms
Many homeowners find the average cost of solar in Merrillville to be too steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can play a part in determining your pricing. Merrillville’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 keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $4.26 | $17,909 | $13,336 | 14.3 years |
| 8 kW | $4.18 | $23,419 | $18,240 | 14.1 years |
| 10 kW | $4.10 | $28,700 | $23,374 | 13.8 years |
| 12 kW | $4.02 | $33,751 | $28,737 | 13.5 years |
| 14 kW | $3.94 | $38,573 | $34,331 | 13.2 years |
| 16 kW | $3.85 | $43,165 | $40,153 | 13.0 years |
| 18 kW | $3.77 | $47,527 | $46,206 | 12.7 years |
| 20 kW | $3.69 | $51,660 | $52,488 | 12.4 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Merrillville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Merrillville?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas 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.
Do solar panels increase how much your home is worth?
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 Merrillville is currently $223,768, so you can look forward to a value of about $9,174 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Merrillville is a worthwhile investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.