Solar Panel Cost Guide in Speedway, IN (2024 Update)
- Speedway Solar Installation Cost: $25,383
- 25-Year Savings: $19,677
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Speedway
Let’s have a look at the average cost of solar in Speedway.
In Speedway, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Speedway, most homeowners require a 8.8-kilowatt system. Using the figure above, a solar installation costs about $25,383, or $36,298 before the federal solar tax credit of 0 is applied.
How much you pay can be higher or lower than the average in Speedway based on a few factors, such as the model of solar panels you choose and the solar installer you hire.Even with the significant upfront cost, the average Speedway homeowner can save around $16,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To get a free estimate from a pre-vetted solar installation company in Speedway, you can click the button below.
Solar savings over time in Speedway
| Year | Return on Investment |
|---|---|
| 1 years | $-24,098 |
| 3 years | $-21,529 |
| 5 years | $-18,959 |
| 7 years | $-16,389 |
| 9 years | $-13,820 |
| 11 years | $-11,250 |
| 13 years | $-8,680 |
| 15 years | $-6,111 |
| 17 years | $-3,541 |
| 19 years | $-972 |
| 21 years | $1,598 |
| 23 years | $4,168 |
| 25 years | $6,737 |
Top Solar Installers in Speedway
Putting up solar panels yourself can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, especially if you don’t quite know what brand of solar equipment would be right for your home.
If you're on the hunt for a solar company in Speedway, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Speedway
Factors that Affect Solar Panel Costs in Speedway
For many Speedway homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Speedway, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Speedway average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Speedway, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your overall costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can play a part in determining how much you pay. Speedway’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Speedway have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $6,696 | 18.2 years |
| 8 kW | $4.18 | $23,419 | $9,388 | 17.8 years |
| 10 kW | $4.10 | $28,700 | $12,309 | 17.5 years |
| 12 kW | $4.02 | $33,751 | $15,459 | 17.1 years |
| 14 kW | $3.94 | $38,573 | $18,839 | 16.8 years |
| 16 kW | $3.85 | $43,165 | $22,449 | 16.4 years |
| 18 kW | $3.77 | $47,527 | $26,288 | 16.1 years |
| 20 kW | $3.69 | $51,660 | $30,357 | 15.7 years |
How to Save on Solar Panels
There are numerous companies available in Speedway, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: Look through the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Speedway, IN Solar Cost FAQs
What is the average cost of installing solar panels in Speedway?
The average cost of solar panels in Speedway is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Speedway?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 bang for your buck from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though 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 their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.