Solar Panel Cost Guide in Mitchell, IN (2024 Update)
- Mitchell Solar Installation Cost: $24,869
- 25-Year Savings: $25,395
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Mitchell
Let’s take a look at the average cost of solar panels in Mitchell.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mitchell, the typical cost of solar panels is 4 per watt.Using this figure, a typical 8.7-kW system would cost about $24,869 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more.For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Mitchell
| Year | Return on Investment |
|---|---|
| 1 years | $-23,543 |
| 3 years | $-20,892 |
| 5 years | $-18,241 |
| 7 years | $-15,589 |
| 9 years | $-12,938 |
| 11 years | $-10,287 |
| 13 years | $-7,636 |
| 15 years | $-4,985 |
| 17 years | $-2,333 |
| 19 years | $318 |
| 21 years | $2,969 |
| 23 years | $5,620 |
| 25 years | $8,271 |
Top Solar Installers in Mitchell
Installing solar panels on your own can be a dangerous task, which is why using a solar installer is a good option for many homeowners. Solar warranties and repairs are ordinarily included in the cost of installation when you hire a solar contractor too, which can save you more money after your upfront investment.
If you're looking for a solar company in Mitchell, the EcoWatch team has organized a list of our top suggestions here:
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 Mitchell
Factors that Affect Solar Panel Costs in Mitchell
While the average cost of a solar system in Mitchell is $24,869, your actual cost may differ. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production need 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 increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Mitchell, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Mitchell are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,931 | 15.5 years |
| 8 kW | $4.18 | $23,419 | $15,034 | 15.2 years |
| 10 kW | $4.10 | $28,700 | $19,367 | 14.9 years |
| 12 kW | $4.02 | $33,751 | $23,929 | 14.6 years |
| 14 kW | $3.94 | $38,573 | $28,721 | 14.3 years |
| 16 kW | $3.85 | $43,165 | $33,742 | 14.0 years |
| 18 kW | $3.77 | $47,527 | $38,993 | 13.7 years |
| 20 kW | $3.69 | $51,660 | $44,474 | 13.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose greatly impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a solid reputation as a company and have proven 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 positive reviews from previous customers.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: Even though reading through a contract can be tedious, 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.
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 Mitchell, IN Solar Cost FAQs
How much does it cost to install solar panels in Mitchell?
This is a difficult question to answer exactly, because the cost depends on many 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront 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 cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Mitchell have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.