Solar Panel Cost Guide in New Albany, IN (2025 Update)
- New Albany Solar Installation Cost: $24,833
- 25-Year Savings: $23,679
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in New Albany
Let’s have a look at the average cost of solar panels in New Albany.
In New Albany, solar panels cost about 4 per watt on average.Using this figure, a typical 8.7-kW system would cost about $24,833 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what installation company you go with.But, after you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on power bills.
Click the button below to get connected to a reputable solar installer in your area for a custom estimate.
Solar savings over time in New Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-23,508 |
| 3 years | $-20,857 |
| 5 years | $-18,205 |
| 7 years | $-15,554 |
| 9 years | $-12,903 |
| 11 years | $-10,252 |
| 13 years | $-7,600 |
| 15 years | $-4,949 |
| 17 years | $-2,298 |
| 19 years | $353 |
| 21 years | $3,004 |
| 23 years | $5,656 |
| 25 years | $8,307 |
Top Solar Installers in New Albany
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of an installer can make converting to solar power much easier. Local solar companies can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a licensed solar installer 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
See all of the solar companies in New Albany
Factors that Affect Solar Panel Costs in New Albany
The cost of installing a solar system in New Albany can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $4,100 per kilowatt in New Albany.The model of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about 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 New Albany offer solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installer you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $9,766 | 16.2 years |
| 8 kW | $4.18 | $23,419 | $13,481 | 15.9 years |
| 10 kW | $4.10 | $28,700 | $17,425 | 15.6 years |
| 12 kW | $4.02 | $33,751 | $21,599 | 15.2 years |
| 14 kW | $3.94 | $38,573 | $26,002 | 14.9 years |
| 16 kW | $3.85 | $43,165 | $30,635 | 14.6 years |
| 18 kW | $3.77 | $47,527 | $35,498 | 14.3 years |
| 20 kW | $3.69 | $51,660 | $40,590 | 14.0 years |
How to Save on Solar Panels
There are a lot of companies available in New Albany, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's New Albany, IN Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
The average cost of solar panels in New Albany is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
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 can further reduce the cost.
Can you sell solar power back to the grid in New Albany?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How long do solar panels last in New Albany?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.