Solar Panel Cost Guide in Newburgh, IN (2023 Update)
- Newburgh Solar Installation Cost: $15,978
- 25-Year Savings: $34,273
- Payback Period: 7.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Newburgh
Let's have a look at the average cost of solar in Newburgh.
Although the national average of solar panels is $2.66 per watt, solar panels in Newburgh generally cost around 2.68. Since a 8.5-kW system is needed to cover the energy costs of a typical home in Newburgh, the average price of going solar will be about $15,984 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Newburgh homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Newburgh see about $22,000 in savings on utility bills over 20 years.
To receive a free quote from a pre-vetted solar installation company in Newburgh, you can click the button below.
Solar savings over time in Newburgh
| Year | Return on Investment |
|---|---|
| 1 years | $-14,197 |
| 3 years | $-10,633 |
| 5 years | $-7,069 |
| 7 years | $-3,505 |
| 9 years | $59 |
| 11 years | $3,623 |
| 13 years | $7,186 |
| 15 years | $10,750 |
| 17 years | $14,314 |
| 19 years | $17,878 |
| 21 years | $21,442 |
| 23 years | $25,005 |
| 25 years | $28,569 |
Top Solar Installers in Newburgh
Installing solar panels yourself can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
Working with a vetted solar company 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
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 Newburgh
Factors that Affect Solar Panel Costs in Newburgh
There are a number of criteria that can determine your total 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
When it comes to estimating the price of a solar energy system in Newburgh, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,680 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Newburgh, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of 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 companies in Newburgh offer solar loans, which reduce your upfront costs of installing solar panels. 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 securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can influence the cost. Newburgh's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is within your budget.
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 | $23,693 | 8.3 years |
| 8 kW | $2.73 | $15,308 | $31,891 | 8.1 years |
| 10 kW | $2.68 | $18,760 | $40,239 | 7.9 years |
| 12 kW | $2.63 | $22,062 | $48,737 | 7.8 years |
| 14 kW | $2.57 | $25,213 | $57,385 | 7.6 years |
| 16 kW | $2.52 | $28,215 | $66,183 | 7.5 years |
| 18 kW | $2.47 | $31,067 | $75,132 | 7.3 years |
| 20 kW | $2.41 | $33,768 | $84,230 | 7.2 years |
How to Save on Solar Panels
There are numerous companies available in Newburgh, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Newburgh, IN Solar Cost FAQs
How much does it cost to install solar panels in Newburgh?
The average cost of solar panels in Newburgh 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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Newburgh?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 Newburgh?
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 utility bills.
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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.