Solar Panel Cost Guide in New Castle, IN (2025 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.
In New Castle, solar panels cost about 4 per watt on average.Because a 8.8-kW system is needed to cover the energy costs of a typical home in New Castle, the average price of going solar will be about $25,369 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average energy use of New Castle homeowners. The price 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.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in New Castle see about $18,000 in savings on utility bills over 20 years.
To get a free estimate from a pre-vetted solar installer in New Castle, you can 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
Although you can install solar panels by yourself, it takes extra time and expertise. That's why most people choose a solar panel installer. Another great thing about using a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
You can get a free estimate from a local solar installer on how much your investment in solar could cost 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
See all of the solar companies in New Castle
Factors that Affect Solar Panel Costs in New Castle
There are several criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $4,100 per kilowatt in New Castle.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the New Castle average.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $9,899 | 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
The solar panel company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- 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: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- 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 go with.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's New Castle, IN Solar Cost FAQs
What is the average cost of installing solar panels in New Castle?
This is a hard question to answer precisely, 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want 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 secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.
Is going solar worth it?
Solar panels can be a great investment for lots 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 pretty 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 average daily sunlight your roof gets. You can take a 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 get 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.