Solar Panel Cost Guide in Seymour, IN (2023 Update)
- Seymour Solar Installation Cost: $16,220
- 25-Year Savings: $25,309
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Seymour
Find out what the average cost of a solar system is in Seymour.
While the national average of solar panels is $2.66 per watt, solar panels in Seymour typically cost around 2.68. Using this figure, a typical 8.7-kW system would cost about $16,227 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Seymour homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $18,000 on electricity bills over 20 years, many homeowners in Seymour find installing solar panels has a decent ROI.
To get a free quote from a highly rated solar installer in Seymour, you can click the button below.
Solar savings over time in Seymour
| Year | Return on Investment |
|---|---|
| 1 years | $-16,082 |
| 3 years | $-15,805 |
| 5 years | $-15,528 |
| 7 years | $-15,251 |
| 9 years | $-14,974 |
| 11 years | $-14,698 |
| 13 years | $-14,421 |
| 15 years | $-14,144 |
| 17 years | $-13,867 |
| 19 years | $-13,590 |
| 21 years | $-13,313 |
| 23 years | $-13,036 |
| 25 years | $-12,760 |
Top Solar Installers in Seymour
Many homeowners choose to hire a solar installation company since figuring out how to install solar panels yourself can be challenging. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
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 Seymour
Factors that Affect Solar Panel Costs in Seymour
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Seymour: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Seymour, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past power bills. Your overall cost can increase by about $2,680 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Seymour to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Seymour, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $17,113 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $23,117 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,271 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,576 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $42,031 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,635 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,390 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,295 | 8.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer 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 kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
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 Seymour, IN Solar Cost FAQs
How much does it cost to install solar panels in Seymour?
This is a tough question to answer exactly, because the cost depends on a few different 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 higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Seymour?
A solar panel system isn't free in Seymour, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Seymour is currently $134,900, so you could be looking at a value of about $5,531 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Seymour is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.