Solar Panel Cost Guide in Simonton Lake, IN (2023 Update)
- Simonton Lake Solar Installation Cost: $16,959
- 25-Year Savings: $26,371
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Simonton Lake
We go over average solar pricing in Simonton Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Simonton Lake, the typical cost of solar panels is 2.68 per watt. The average Simonton Lake homeowner needs a 9.0-kilowatt system, which would cost about $16,959 with the federal tax credit, or $24,251 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar company in your area for a custom quote.
Solar savings over time in Simonton Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,226 |
| 3 years | $-11,759 |
| 5 years | $-8,293 |
| 7 years | $-4,827 |
| 9 years | $-1,360 |
| 11 years | $2,106 |
| 13 years | $5,573 |
| 15 years | $9,039 |
| 17 years | $12,505 |
| 19 years | $15,972 |
| 21 years | $19,438 |
| 23 years | $22,905 |
| 25 years | $26,371 |
Top Solar Installers in Simonton Lake
Although you can install solar panels yourself, it involves extra energy and handiness. For that reason, most people choose to go with a solar panel installer. Some solar installers, particularly local ones, can help you make the most of incentives in Simonton Lake, optimizing your ROI.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Simonton Lake
Factors that Affect Solar Panel Costs in Simonton Lake
For many Simonton Lake homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Simonton Lake, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Simonton Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The brand and type of equipment you get 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Simonton Lake to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time due to interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Simonton Lake, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Some companies 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 with an above-average cost. It's best to do some research and go with the company that has 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 | $2.79 | $11,706 | $17,064 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $23,052 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,191 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,479 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $41,917 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,506 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,244 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,133 | 8.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: If you're worried about the durability of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you want to get plays a role in which company you should choose, since different companies offer different panels.
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 Simonton Lake, IN Solar Cost FAQs
What is the average cost of installing solar panels in Simonton Lake?
This is a difficult question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Simonton Lake?
You can't get solar panels for free in Simonton Lake. However, you may still be able to get 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?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.