Solar Panel Cost Guide in New Albany, IN (2024 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.
The national average cost of solar panels is $2.66 per watt, but in New Albany it’s 4 per watt.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 panel system. The true cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with.Despite the high upfront cost, the average New Albany homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the perks of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
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
Many homeowners opt for a solar installer since installing solar panels by yourself can be time-consuming. Another advantage of working with a solar company is that they can help you optimize your investment by reducing your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Albany
Factors that Affect Solar Panel Costs in New Albany
There are several criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use 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 $4,100.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like New Albany, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in New Albany have solar loans, which reduce your upfront costs of installing solar.You’ll have to consider the long-term cost of loans, including the total 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact how much you pay. New Albany’s solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: When making the switch to solar energy, it’s important to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
- Contract: When reading over your solar company’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 part breaking or the company going out of business.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which brand 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 options before making your decision.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Albany, IN Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in New Albany?
You can’t get solar panels for free in New Albany. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Does New Albany have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.