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

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.