Solar Panel Cost Guide in Shelbyville, IN (2024 Update)
- Shelbyville Solar Installation Cost: $25,204
- 25-Year Savings: $7,936
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Shelbyville
Find out what the average cost of installing solar panels is in Shelbyville.
The national average cost of solar panels is $2.66 per watt, but in Shelbyville it’s 4 per watt.The average solar panel system size in Shelbyville is around 8.8 kilowatts, meaning a cost of about $25,204 for a solar installation, or $36,042 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Shelbyville can save about $18,000 on their power bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Shelbyville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,879 |
| 3 years | $-21,227 |
| 5 years | $-18,576 |
| 7 years | $-15,925 |
| 9 years | $-13,274 |
| 11 years | $-10,622 |
| 13 years | $-7,971 |
| 15 years | $-5,320 |
| 17 years | $-2,669 |
| 19 years | $-18 |
| 21 years | $2,634 |
| 23 years | $5,285 |
| 25 years | $7,936 |
Top Solar Installers in Shelbyville
When switching to solar energy, many homeowners prefer to go with a solar company since overseeing your solar installation yourself can be a time-consuming project. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to make the switch to solar but still aren’t certain which solar company to go with, here are our suggestions for providers in Shelbyville:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Shelbyville
Factors that Affect Solar Panel Costs in Shelbyville
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 Shelbyville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and type 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 a small roof 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 extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Shelbyville provide solar loans, which reduce your upfront costs of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Shelbyville, you’ll have many options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices because of 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 | $10,818 | 15.6 years |
| 8 kW | $4.18 | $23,419 | $14,884 | 15.3 years |
| 10 kW | $4.10 | $28,700 | $19,178 | 15.0 years |
| 12 kW | $4.02 | $33,751 | $23,703 | 14.7 years |
| 14 kW | $3.94 | $38,573 | $28,457 | 14.4 years |
| 16 kW | $3.85 | $43,165 | $33,441 | 14.1 years |
| 18 kW | $3.77 | $47,527 | $38,654 | 13.8 years |
| 20 kW | $3.69 | $51,660 | $44,097 | 13.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Shelbyville, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Shelbyville, IN Solar Cost FAQs
What is the average cost of installing solar panels in Shelbyville?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Shelbyville?
You can’t get solar panels for free in Shelbyville. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.