Solar Panel Cost Guide in Paoli, IN (2023 Update)
- Paoli Solar Installation Cost: $24,741
- 25-Year Savings: $25,613
- Payback Period: 14.8 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Paoli
Find out how much it might cost to install solar panels in Paoli.
In Paoli, solar panels cost about 4 per watt on average.The average solar panel system size in Paoli is around 8.6 kilowatts, meaning a cost of about $24,741 for a solar installation, or $35,380 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Paoli see about $18,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in Paoli for a personalized quote.
Solar savings over time in Paoli
| Year | Return on Investment |
|---|---|
| 1 years | $-23,416 |
| 3 years | $-20,764 |
| 5 years | $-18,113 |
| 7 years | $-15,462 |
| 9 years | $-12,811 |
| 11 years | $-10,159 |
| 13 years | $-7,508 |
| 15 years | $-4,857 |
| 17 years | $-2,206 |
| 19 years | $445 |
| 21 years | $3,097 |
| 23 years | $5,748 |
| 25 years | $8,399 |
Top Solar Installers in Paoli
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your swap to solar power much easier. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
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
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
The cost of installing a solar system in Paoli can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,100. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Paoli, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Many homeowners find the average cost of solar in Paoli to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time because of interest.However, the interest on solar loans also adds to your overall costs, so it’s vital to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $11,174 | 15.4 years |
| 8 kW | $4.18 | $23,419 | $15,357 | 15.1 years |
| 10 kW | $4.10 | $28,700 | $19,771 | 14.8 years |
| 12 kW | $4.02 | $33,751 | $24,414 | 14.5 years |
| 14 kW | $3.94 | $38,573 | $29,286 | 14.2 years |
| 16 kW | $3.85 | $43,165 | $34,388 | 13.9 years |
| 18 kW | $3.77 | $47,527 | $39,720 | 13.6 years |
| 20 kW | $3.69 | $51,660 | $45,281 | 13.3 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Paoli, IN Solar Cost FAQs
How much does it cost to install solar panels in Paoli?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Paoli?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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 financial benefits from going solar.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Paoli is currently $160,405, which means you can look forward to a value of about $6,577 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Paoli is a rewarding investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.