Solar Panel Cost Guide in Paoli, IN (Mar 2023)
- Paoli Solar Installation Cost: $16,171
- 25-Year Savings: $25,614
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Paoli
Find out what the average cost of a solar system is in Paoli.
Although the national average of solar panels is $2.66 per watt, solar panels in Paoli generally cost about 2.68. To cover the typical energy usage of the average home in Paoli, most homeowners require a 8.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,171, or $23,125 before the federal solar tax credit of 30% is applied.
The true price you pay can go higher or lower than the average in Paoli depending on several factors, such as the brand of solar panels you choose and the solar installer you hire. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Paoli can save around $18,000 on their energy bills over 20 years.
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Solar savings over time in Paoli
| Year | Return on Investment |
|---|---|
| 1 years | $-14,500 |
| 3 years | $-11,157 |
| 5 years | $-7,814 |
| 7 years | $-4,471 |
| 9 years | $-1,129 |
| 11 years | $2,214 |
| 13 years | $5,557 |
| 15 years | $8,900 |
| 17 years | $12,243 |
| 19 years | $15,585 |
| 21 years | $18,928 |
| 23 years | $22,271 |
| 25 years | $25,614 |
Top Solar Installers in Paoli
When going solar, many homeowners choose to hire a solar installer since installing solar panels yourself can be a challenging project. The expertise that solar installers offer can be helpful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
There are several 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 (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 Paoli
Factors that Affect Solar Panel Costs in Paoli
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Paoli: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Paoli. The kind of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment goes beyond 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
Many homeowners find the average cost of solar in Paoli to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest. 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 can only 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 finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Paoli, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. 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 come at a higher cost. It's best to do some research and choose 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 | $17,376 | 10.1 years |
| 8 kW | $2.73 | $15,308 | $23,468 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,711 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $36,103 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,645 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,338 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $56,181 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $63,173 | 8.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you need plays a role in which installer you should opt for, since different companies offer different panels.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
- Warranty: If you're concerned about the endurance of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Paoli, IN Solar Cost FAQs
What is the average cost of installing solar panels in Paoli?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Paoli?
You can't get solar panels for free in Paoli. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Paoli?
Although 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 how much energy they produce 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.