Solar Panel Cost Guide in Speedway, IN (Feb 2023)

  • Speedway Solar Installation Cost: $16,584
  • 25-Year Savings: $19,685
  • Payback Period: 11.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Speedway

Find out what the average cost of solar panel installation is in Speedway.

The national average cost of solar panels is $2.66 per watt, but in Speedway it's $3 per watt. Since a 8.8-kW system is needed to cover the energy needs of a typical home in Speedway, the average price of going solar will be about $16,584 before claiming the federal solar tax credit of 30%.

The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Speedway can save about $16,000 on their electricity bills over 20 years.

To get a free estimate from a pre-vetted solar installer in Speedway, you can click the button below.

Solar savings over time in Speedway

Year Return on Investment
1 years $-15,133
3 years $-12,232
5 years $-9,330
7 years $-6,428
9 years $-3,527
11 years $-625
13 years $2,276
15 years $5,178
17 years $8,079
19 years $10,981
21 years $13,882
23 years $16,784
25 years $19,685

Top Solar Installers in Speedway

Trying to put up solar panels on your own can be a stressful project, which is why using a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.

If you're searching for a solar company in Speedway, we've organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

The cost of installing a solar system in Speedway can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. The brand of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Speedway, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only 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 getting a solar loan with a low interest rate could reduce your costs considerably.

Solar Panel Installation Company

The final significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Speedway, you'll have a great number 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 access to specific equipment options like Tesla Powerwall batteries or add-on 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 $12,899 11.9 years
8 kW $2.73 $15,308 $17,499 11.7 years
10 kW $2.68 $18,760 $22,249 11.4 years
12 kW $2.63 $22,062 $27,148 11.2 years
14 kW $2.57 $25,213 $32,198 11.0 years
16 kW $2.52 $28,215 $37,399 10.8 years
18 kW $2.47 $31,067 $42,749 10.5 years
20 kW $2.41 $33,768 $48,249 10.3 years

How to Save on Solar Panels

The solar installer you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:

  • Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
  • Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important consideration when buying solar panels?

Cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How much can I save on electricity bills after installing solar panels?

It is possible to erase your electricity bills with solar panels, but for most homeowners in Speedway, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you need to know how much energy your home uses 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.

Follow us