Solar Panel Cost Guide in Muncie, IN (Mar 2023)
- Muncie Solar Installation Cost: $16,603
- 25-Year Savings: $23,643
- Payback Period: 10.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Muncie
Find out what the average cost of solar panel installation is in Muncie.
While the national average of solar panels is $2.66 per watt, solar panels in Muncie generally cost around 2.68. The average Muncie homeowner needs a 8.8-kilowatt system, which would cost about $16,603 with the federal tax credit, or $23,742 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Muncie homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Muncie see about $17,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Muncie
| Year | Return on Investment |
|---|---|
| 1 years | $-14,993 |
| 3 years | $-11,773 |
| 5 years | $-8,554 |
| 7 years | $-5,334 |
| 9 years | $-2,114 |
| 11 years | $1,105 |
| 13 years | $4,325 |
| 15 years | $7,545 |
| 17 years | $10,764 |
| 19 years | $13,984 |
| 21 years | $17,203 |
| 23 years | $20,423 |
| 25 years | $23,643 |
Top Solar Installers in Muncie
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar company can make your switch to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for you.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Muncie
Factors that Affect Solar Panel Costs in Muncie
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Muncie: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Muncie, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Muncie average.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Muncie homeowners decide to finance their solar panel systems to make paying for solar more affordable. 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you pick will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,565 | 10.7 years |
| 8 kW | $2.73 | $15,308 | $21,053 | 10.5 years |
| 10 kW | $2.68 | $18,760 | $26,691 | 10.3 years |
| 12 kW | $2.63 | $22,062 | $32,480 | 10.1 years |
| 14 kW | $2.57 | $25,213 | $38,418 | 9.9 years |
| 16 kW | $2.52 | $28,215 | $44,507 | 9.7 years |
| 18 kW | $2.47 | $31,067 | $50,746 | 9.5 years |
| 20 kW | $2.41 | $33,768 | $57,134 | 9.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose significantly influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
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 Muncie, IN Solar Cost FAQs
What is the average cost of installing solar panels in Muncie?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Muncie?
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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.