Solar Panel Cost Guide in North Terre Haute, IN (2023 Update)
- North Terre Haute Solar Installation Cost: $16,359
- 25-Year Savings: $22,155
- Payback Period: 10.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in North Terre Haute
We break down average solar pricing in North Terre Haute.
Although the national average of solar panels is $2.66 per watt, solar panels in North Terre Haute typically cost around 2.68. The average solar panel system size in North Terre Haute is around 8.7 kilowatts, meaning a cost of about $16,359 for a solar installation, or $23,393 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on factors unique to your home and what company you choose to go with. Even with the significant upfront cost, the average North Terre Haute homeowner can save around $17,000 on their power bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in North Terre Haute
| Year | Return on Investment |
|---|---|
| 1 years | $-14,818 |
| 3 years | $-11,737 |
| 5 years | $-8,656 |
| 7 years | $-5,575 |
| 9 years | $-2,494 |
| 11 years | $587 |
| 13 years | $3,668 |
| 15 years | $6,750 |
| 17 years | $9,831 |
| 19 years | $12,912 |
| 21 years | $15,993 |
| 23 years | $19,074 |
| 25 years | $22,155 |
Top Solar Installers in North Terre Haute
Many homeowners choose to use a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
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 in North Terre Haute:
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 North Terre Haute
Factors that Affect Solar Panel Costs in North Terre Haute
The cost of installing a solar system in North Terre Haute can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in North Terre Haute, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,680 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in North Terre Haute to be too costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest. However, the interest on solar loans also adds to your overall costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies operating in North Terre Haute, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $14,806 | 11.0 years |
| 8 kW | $2.73 | $15,308 | $20,041 | 10.8 years |
| 10 kW | $2.68 | $18,760 | $25,426 | 10.6 years |
| 12 kW | $2.63 | $22,062 | $30,962 | 10.4 years |
| 14 kW | $2.57 | $25,213 | $36,648 | 10.2 years |
| 16 kW | $2.52 | $28,215 | $42,483 | 10.0 years |
| 18 kW | $2.47 | $31,067 | $48,469 | 9.8 years |
| 20 kW | $2.41 | $33,768 | $54,605 | 9.6 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
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 North Terre Haute, IN Solar Cost FAQs
How much does it cost to install solar panels in North Terre Haute?
The average cost of solar panels in North Terre Haute is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things like the model 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 North Terre Haute?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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.
Does North Terre Haute have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either get paid 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.
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 stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.