Solar Panel Cost Guide in New Castle, IN (Mar 2023)
- New Castle Solar Installation Cost: $16,584
- 25-Year Savings: $24,384
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Castle
Let's take a look at the average cost of solar panels 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 2.68 per watt. To account for the typical energy needs of the average home in New Castle, most homeowners require a 8.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,584, or $23,715 before the federal solar tax credit of 30% is applied.
How much you pay can go higher or lower than the average in New Castle based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. Despite the high initial cost, the average New Castle homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the perks of solar.
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 Castle
| Year | Return on Investment |
|---|---|
| 1 years | $-14,945 |
| 3 years | $-11,668 |
| 5 years | $-8,390 |
| 7 years | $-5,113 |
| 9 years | $-1,835 |
| 11 years | $1,442 |
| 13 years | $4,719 |
| 15 years | $7,997 |
| 17 years | $11,274 |
| 19 years | $14,552 |
| 21 years | $17,829 |
| 23 years | $21,106 |
| 25 years | $24,384 |
Top Solar Installers in New Castle
Trying to put up solar panels by yourself can be a difficult undertaking, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 Castle
Factors that Affect Solar Panel Costs in New Castle
For many New Castle homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in New Castle, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many New Castle homeowners opt to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, 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 original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can influence the cost. New Castle's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $16,101 | 10.5 years |
| 8 kW | $2.73 | $15,308 | $21,768 | 10.3 years |
| 10 kW | $2.68 | $18,760 | $27,586 | 10.1 years |
| 12 kW | $2.63 | $22,062 | $33,553 | 9.9 years |
| 14 kW | $2.57 | $25,213 | $39,671 | 9.7 years |
| 16 kW | $2.52 | $28,215 | $45,938 | 9.5 years |
| 18 kW | $2.47 | $31,067 | $52,356 | 9.3 years |
| 20 kW | $2.41 | $33,768 | $58,923 | 9.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the company 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 things to keep in mind to help with your decision:
- Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
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 Castle, IN Solar Cost FAQs
How much does it cost to install solar panels in New Castle?
The average cost of solar panels in New Castle is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in New Castle?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can you sell solar power back to the grid in New Castle?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 how much 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.