Solar Panel Cost Guide in Speedway, IN (2025 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.The average Speedway homeowner needs a 8.8-kilowatt system, which would cost about $25,383 with the federal tax credit, or $36,298 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what solar installer you go with.But, after you've paid the initial cost of installation, the payback for most homeowners is usually good, with a net average savings of about $16,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar company in Speedway for a quote for your home.
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
When going solar, many homeowners choose to go with a solar installation company since handling can be a difficult project. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate on the cost of solar panels 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
See all of the solar companies in Speedway
Factors that Affect Solar Panel Costs in Speedway
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Speedway: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
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 a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Speedway homeowners choose to finance their solar panel systems to make paying for solar more affordable.Even though solar loans make going solar more accessible for Speedway homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that has the products, warranties and services you want and also fit into 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 | $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
Since the model of solar panels and the installer you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- 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 substantial role in the company you hire.
- Reputation: Well-established companies likely have a solid 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Speedway, IN Solar Cost FAQs
How much does it cost to install solar panels in Speedway?
This is a hard question to answer precisely, because the cost depends on many factors. Generally 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 more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I 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 don’t have access to 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 financial benefits from going solar.
Is it worth going solar in Speedway?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose 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.