Solar Panel Cost Guide in Muncie, IN (2024 Update)
- Muncie Solar Installation Cost: $25,413
- 25-Year Savings: $23,634
- Payback Period: 15.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Muncie
Find out how much it might cost to make the switch to solar in Muncie.
The national average cost of solar panels is $2.66 per watt, but in Muncie it’s 4 per watt.To cover the typical energy usage of the average home in Muncie, most homeowners require a 8.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $25,413, or $36,341 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Muncie homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $17,000 on energy bills over 20 years, many homeowners in Muncie find investing in solar can be quite rewarding.
Click the button below to get connected to a highly rated solar company in your area for a customized estimate.
Solar savings over time in Muncie
| Year | Return on Investment |
|---|---|
| 1 years | $-23,795 |
| 3 years | $-20,560 |
| 5 years | $-17,325 |
| 7 years | $-14,090 |
| 9 years | $-10,856 |
| 11 years | $-7,621 |
| 13 years | $-4,386 |
| 15 years | $-1,151 |
| 17 years | $2,084 |
| 19 years | $5,319 |
| 21 years | $8,554 |
| 23 years | $11,788 |
| 25 years | $15,023 |
Top Solar Installers in Muncie
Many homeowners choose to hire a solar installation company since installing solar panels yourself can be time-consuming. Plus, if you aren’t sure what kind of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Muncie:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Muncie
Factors that Affect Solar Panel Costs in Muncie
There are a number of criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $4,100 per kilowatt in Muncie.The type of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
Most solar installers in Muncie have solar loans, which reduce the initial cost of installing solar.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies in Muncie, and each can charge different amounts for labor and equipment.Additionally, some companies in Muncie know more about local solar incentives and can help you take advantage of 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 help you save 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 | $9,362 | 16.4 years |
| 8 kW | $4.18 | $23,419 | $12,942 | 16.1 years |
| 10 kW | $4.10 | $28,700 | $16,751 | 15.8 years |
| 12 kW | $4.02 | $33,751 | $20,790 | 15.5 years |
| 14 kW | $3.94 | $38,573 | $25,059 | 15.2 years |
| 16 kW | $3.85 | $43,165 | $29,557 | 14.8 years |
| 18 kW | $3.77 | $47,527 | $34,285 | 14.5 years |
| 20 kW | $3.69 | $51,660 | $39,242 | 14.2 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Solar Panel Brands: The brand of solar panel you need to get plays a part in which company you should opt for, since different companies have access to different panels.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Muncie, IN Solar Cost FAQs
How much does it cost to install solar panels in Muncie?
The average cost of solar panels in Muncie is about $20,500 for a 5-kW system and $41,000 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 consume.
Should I lease or buy solar panels in Muncie?
Leasing solar panels can be an appealing choice, as it often 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 option if you want to maximize your savings.
How much can I save on power bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Muncie, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 generally produce about 250 to 400 watt-hours per hour, the average home 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.