Solar Panel Cost Guide in North Terre Haute, IN (2024 Update)
- North Terre Haute Solar Installation Cost: $25,015
- 25-Year Savings: $22,162
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in North Terre Haute
We go over average solar pricing in North Terre Haute.
The average cost of a solar system in North Terre Haute is 4 per watt.Since a 8.7-kW system is needed to cover the energy usage of a typical home in North Terre Haute, the average price of going solar will be about $25,015 after claiming the federal solar tax credit of 0.
These figures are just estimates, and how much solar costs for you will most likely look different based on factors unique to your home and what company you choose to go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $17,000 over 20 years on energy bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in North Terre Haute
| Year | Return on Investment |
|---|---|
| 1 years | $-23,690 |
| 3 years | $-21,038 |
| 5 years | $-18,387 |
| 7 years | $-15,736 |
| 9 years | $-13,085 |
| 11 years | $-10,434 |
| 13 years | $-7,782 |
| 15 years | $-5,131 |
| 17 years | $-2,480 |
| 19 years | $171 |
| 21 years | $2,823 |
| 23 years | $5,474 |
| 25 years | $8,125 |
Top Solar Installers in North Terre Haute
Although it's possible to install solar panels on your own, it involves extra energy and know-how. Because of that, almost all homeowners choose to hire a solar panel installer. The expertise that solar installers provide can be valuable as well, especially if you don’t quite know what kind of solar equipment you need.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in North Terre Haute: 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
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The brand of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than just the solar panels themselves. You’ll also need to decide on 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 falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation 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.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and go with the company that provides the products, warranties and services you want and also fits 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 | $4.26 | $17,909 | $8,603 | 16.9 years |
| 8 kW | $4.18 | $23,419 | $11,930 | 16.6 years |
| 10 kW | $4.10 | $28,700 | $15,486 | 16.2 years |
| 12 kW | $4.02 | $33,751 | $19,273 | 15.9 years |
| 14 kW | $3.94 | $38,573 | $23,288 | 15.6 years |
| 16 kW | $3.85 | $43,165 | $27,534 | 15.3 years |
| 18 kW | $3.77 | $47,527 | $32,008 | 14.9 years |
| 20 kW | $3.69 | $51,660 | $36,713 | 14.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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
What is the average cost of installing solar panels in North Terre Haute?
The average cost of solar panels in North Terre Haute is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind 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 appealing choice, because it commonly 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.
How will solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.