Solar Panel Cost Guide in New Albany, IN (Mar 2023)
- New Albany Solar Installation Cost: $16,227
- 25-Year Savings: $23,684
- Payback Period: 10.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Albany
Let's take a look at the average cost of solar panels in New Albany.
Although the national average of solar panels is $2.66 per watt, solar panels in New Albany typically cost about 2.68. To account for the typical energy usage of the average home in New Albany, most homeowners require a 8.7-kilowatt system. Using the figure above, a solar installation costs around $16,227, or $23,205 before the federal solar tax credit of 30% is applied.
The true cost of your system can be higher or lower than the average in New Albany based on a variety of factors, such as the model of solar panels you choose and the solar company you hire. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in New Albany can save about $18,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a customized quote.
Solar savings over time in New Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-14,631 |
| 3 years | $-11,438 |
| 5 years | $-8,245 |
| 7 years | $-5,052 |
| 9 years | $-1,859 |
| 11 years | $1,334 |
| 13 years | $4,526 |
| 15 years | $7,719 |
| 17 years | $10,912 |
| 19 years | $14,105 |
| 21 years | $17,298 |
| 23 years | $20,491 |
| 25 years | $23,684 |
Top Solar Installers in New Albany
Although you can install solar panels on your own, it involves extra effort and know-how. For that reason, most people choose to go with a solar panel installer. Because solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
Working with a licensed solar company can make going solar easier. 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 New Albany
Factors that Affect Solar Panel Costs in New Albany
While the average cost of a solar system in New Albany is $16,227, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the price of a solar energy system in New Albany, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past energy bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid option because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in New Albany, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in New Albany know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $2.79 | $11,706 | $15,969 | 10.6 years |
| 8 kW | $2.73 | $15,308 | $21,592 | 10.4 years |
| 10 kW | $2.68 | $18,760 | $27,365 | 10.2 years |
| 12 kW | $2.63 | $22,062 | $33,288 | 10.0 years |
| 14 kW | $2.57 | $25,213 | $39,362 | 9.8 years |
| 16 kW | $2.52 | $28,215 | $45,585 | 9.6 years |
| 18 kW | $2.47 | $31,067 | $51,959 | 9.4 years |
| 20 kW | $2.41 | $33,768 | $58,482 | 9.2 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Contract: Before you sign a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: If you're worried about the endurance of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 New Albany, IN Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in New Albany?
A solar panel system isn't free in New Albany, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in New Albany?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.