Solar Panel Cost Guide in Merrillville, IN (2023 Update)
- Merrillville Solar Installation Cost: $16,771
- 25-Year Savings: $29,786
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Merrillville
Find out how much it might cost to make the switch to solar in Merrillville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Merrillville, the average cost of a solar system is 2.68 per watt. To cover the typical energy usage of the average home in Merrillville, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,771, or $23,983 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and the cost of going solar for you may vary based on factors unique to your home and what company you want to go with. With average savings of about $20,000 on power bills over 20 years, many homeowners in Merrillville find going solar has a decent ROI.
You can click the button below to get connected with a top solar installer in Merrillville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Merrillville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,909 |
| 3 years | $-11,185 |
| 5 years | $-7,460 |
| 7 years | $-3,735 |
| 9 years | $-11 |
| 11 years | $3,714 |
| 13 years | $7,438 |
| 15 years | $11,163 |
| 17 years | $14,887 |
| 19 years | $18,612 |
| 21 years | $22,336 |
| 23 years | $26,061 |
| 25 years | $29,786 |
Top Solar Installers in Merrillville
Many homeowners choose to use a solar installer since trying to install solar panels by yourself can be a lot of work. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for your home.
If you'd like to go solar but still aren't certain which solar company to go with, here are our suggestions for providers nearby:
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 Merrillville
Factors that Affect Solar Panel Costs in Merrillville
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Merrillville: 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
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,680 per kilowatt in Merrillville. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Merrillville, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Though solar loans make going solar more accessible for Merrillville homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Merrillville is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different costs. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that has the products, warranties and services you want and also fit into your budget.
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 | $19,538 | 9.4 years |
| 8 kW | $2.73 | $15,308 | $26,351 | 9.2 years |
| 10 kW | $2.68 | $18,760 | $33,314 | 9.0 years |
| 12 kW | $2.63 | $22,062 | $40,427 | 8.8 years |
| 14 kW | $2.57 | $25,213 | $47,690 | 8.6 years |
| 16 kW | $2.52 | $28,215 | $55,103 | 8.5 years |
| 18 kW | $2.47 | $31,067 | $62,666 | 8.3 years |
| 20 kW | $2.41 | $33,768 | $70,380 | 8.1 years |
How to Save on Solar Panels
There are many companies to choose from in Merrillville, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you're concerned about the longevity of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- 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 satisfied reviews from previous customers.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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 Merrillville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Merrillville?
The average cost of solar panels in Merrillville 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 kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,041.48 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs 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 install 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.