Solar Panel Cost Guide in New Castle, IN (2024 Update)
- New Castle Solar Installation Cost: $25,369
- 25-Year Savings: $24,385
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in New Castle
Find out what the average cost of a solar system is in New Castle.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Castle, the average cost of a solar system is 4 per watt.The average New Castle homeowner needs a 8.8-kilowatt system, which would cost about $25,369 with the federal tax credit, or $36,278 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Castle homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $18,000 on utility bills over 20 years, many homeowners in New Castle find going solar can pay off big.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in New Castle
| Year | Return on Investment |
|---|---|
| 1 years | $-24,044 |
| 3 years | $-21,393 |
| 5 years | $-18,741 |
| 7 years | $-16,090 |
| 9 years | $-13,439 |
| 11 years | $-10,788 |
| 13 years | $-8,137 |
| 15 years | $-5,485 |
| 17 years | $-2,834 |
| 19 years | $-183 |
| 21 years | $2,468 |
| 23 years | $5,119 |
| 25 years | $7,771 |
Top Solar Installers in New Castle
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your switch to solar power much easier. Solar warranties and repairs are ordinarily included in the cost of installation when you hire a solar company as well, which can save you more money after your upfront investment.
If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers in New Castle:
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 Castle
Factors that Affect Solar Panel Costs in New Castle
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in New Castle: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $4,100. The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many New Castle homeowners decide to finance their solar panel systems to offset upfront costs.It’s wise to factor 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 how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can influence how much it costs. New Castle’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $9,899 | 16.1 years |
| 8 kW | $4.18 | $23,419 | $13,657 | 15.8 years |
| 10 kW | $4.10 | $28,700 | $17,646 | 15.5 years |
| 12 kW | $4.02 | $33,751 | $21,864 | 15.2 years |
| 14 kW | $3.94 | $38,573 | $26,311 | 14.9 years |
| 16 kW | $3.85 | $43,165 | $30,988 | 14.6 years |
| 18 kW | $3.77 | $47,527 | $35,895 | 14.2 years |
| 20 kW | $3.69 | $51,660 | $41,031 | 13.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers carry 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.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
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 Castle, IN Solar Cost FAQs
How much does it cost to install solar panels in New Castle?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay 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 choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in New Castle?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in New Castle?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 cover 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.