Solar Panel Cost Guide in Mitchell, IN (Mar 2023)
- Mitchell Solar Installation Cost: $16,265
- 25-Year Savings: $25,386
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mitchell
We break down average solar pricing in Mitchell.
The national average cost of solar panels is $2.66 per watt, but in Mitchell it's 2.68 per watt. The average Mitchell homeowner needs a 8.7-kilowatt system, which would cost about $16,265 with the federal tax credit, or $23,259 before the 30% tax credit is applied.
These figures are just averages, and your own solar costs will look different based on the amount of energy your home requires and what company you choose to go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
To receive a free estimate from a highly rated solar installation company in Mitchell, you can click the button below.
Solar savings over time in Mitchell
| Year | Return on Investment |
|---|---|
| 1 years | $-14,599 |
| 3 years | $-11,267 |
| 5 years | $-7,935 |
| 7 years | $-4,603 |
| 9 years | $-1,271 |
| 11 years | $2,061 |
| 13 years | $5,393 |
| 15 years | $8,726 |
| 17 years | $12,058 |
| 19 years | $15,390 |
| 21 years | $18,722 |
| 23 years | $22,054 |
| 25 years | $25,386 |
Top Solar Installers in Mitchell
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be a labor-intensive endeavor. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to switch to solar energy but still aren't certain which solar panel installer to go with, here are our recommendations for providers in Mitchell:
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 Mitchell
Factors that Affect Solar Panel Costs in Mitchell
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Mitchell: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Mitchell. The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think about 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 for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Mitchell to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to paying more over time because of interest. It's wise to add 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Mitchell is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services at different price points. 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 choose a company that provides the products, warranties and services you want and also fits within 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 | $17,134 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,145 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,307 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,619 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $42,080 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,692 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,454 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,366 | 8.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Mitchell, IN Solar Cost FAQs
What is the average cost of installing solar panels in Mitchell?
The average cost of solar panels in Mitchell 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 such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Mitchell?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mitchell is currently $107,200, so you could be looking at a value of about $4,395 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Mitchell is a fruitful investment.
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.