Solar Panel Cost Guide in Mishawaka, IN (Mar 2023)
- Mishawaka Solar Installation Cost: $16,959
- 25-Year Savings: $25,061
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mishawaka
Let's have a look at the average cost of solar panels in Mishawaka.
The average cost of a solar system in Mishawaka is 2.68 per watt. To account for the typical energy usage of the average home in Mishawaka, most homeowners require a 9.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,959, or $24,251 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of solar panels you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar panel company in Mishawaka for a customized estimate.
Solar savings over time in Mishawaka
| Year | Return on Investment |
|---|---|
| 1 years | $-15,278 |
| 3 years | $-11,917 |
| 5 years | $-8,555 |
| 7 years | $-5,193 |
| 9 years | $-1,832 |
| 11 years | $1,530 |
| 13 years | $4,891 |
| 15 years | $8,253 |
| 17 years | $11,615 |
| 19 years | $14,976 |
| 21 years | $18,338 |
| 23 years | $21,699 |
| 25 years | $25,061 |
Top Solar Installers in Mishawaka
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your swap to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Mishawaka
Factors that Affect Solar Panel Costs in Mishawaka
There are a number of factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
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 higher efficiency or power production require 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. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Mishawaka, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of 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
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Mishawaka homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Mishawaka, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $16,177 | 10.5 years |
| 8 kW | $2.73 | $15,308 | $21,870 | 10.3 years |
| 10 kW | $2.68 | $18,760 | $27,712 | 10.1 years |
| 12 kW | $2.63 | $22,062 | $33,705 | 9.9 years |
| 14 kW | $2.57 | $25,213 | $39,848 | 9.7 years |
| 16 kW | $2.52 | $28,215 | $46,141 | 9.5 years |
| 18 kW | $2.47 | $31,067 | $52,584 | 9.3 years |
| 20 kW | $2.41 | $33,768 | $59,177 | 9.1 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
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 Mishawaka, IN Solar Cost FAQs
What is the average cost of installing solar panels in Mishawaka?
The average cost of solar panels in Mishawaka is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Mishawaka?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mishawaka is currently $155,887, so you can expect a value of about $6,391 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Mishawaka is a worthwhile investment.
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 the amount of 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 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.