Solar Panel Cost Guide in Muncie, IN (2023 Update)
- Muncie Solar Installation Cost: $16,611
- 25-Year Savings: $23,634
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Muncie
Let's take a look at the average cost of solar panels in Muncie.
The national average cost of solar panels is $2.66 per watt, but in Muncie it's 2.68 per watt. Using this figure, a typical 8.8-kW system would cost about $16,603 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will vary based on the amount of energy your home requires and what company you choose to go with. With typical savings of about $17,000 on power bills over 20 years, many homeowners in Muncie find investing in solar can be quite rewarding.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Muncie
| Year | Return on Investment |
|---|---|
| 1 years | $-14,994 |
| 3 years | $-11,759 |
| 5 years | $-8,524 |
| 7 years | $-5,289 |
| 9 years | $-2,054 |
| 11 years | $1,181 |
| 13 years | $4,415 |
| 15 years | $7,650 |
| 17 years | $10,885 |
| 19 years | $14,120 |
| 21 years | $17,355 |
| 23 years | $20,590 |
| 25 years | $23,825 |
Top Solar Installers in Muncie
When switching to solar energy, many homeowners opt to use a solar installer since handling can be a difficult project. The expertise that solar installers offer can be useful as well, especially if you aren't sure what brand of solar equipment you need.
If you'd like to switch to solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers in Muncie:
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 Muncie
Factors that Affect Solar Panel Costs in Muncie
For many Muncie homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Muncie, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
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 with greater efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. There are many different solar panel brands and the one you pick also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Muncie provide solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also adds to your overall costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Muncie is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Muncie are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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 | $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
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. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
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 Muncie, IN Solar Cost FAQs
What is the average cost of installing solar panels in Muncie?
This is a difficult 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Muncie?
A solar panel system isn't free in Muncie, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $909.02 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 account for 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.