Solar Panel Cost Guide in Terre Haute, IN (2024 Update)
- Terre Haute Solar Installation Cost: $25,015
- 25-Year Savings: $23,849
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Terre Haute
Let’s take a look at the average cost of solar panels in Terre Haute.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Terre Haute, the typical cost of a solar system is 4 per watt.The average solar panel system size in Terre Haute is around 8.7 kilowatts, meaning a cost of about $25,015 for a solar installation, or $35,771 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Terre Haute homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Terre Haute find going solar has a decent ROI.
Click the button below to get connected to a top solar panel company in Terre Haute for a customized estimate.
Solar savings over time in Terre Haute
| Year | Return on Investment |
|---|---|
| 1 years | $-23,690 |
| 3 years | $-21,038 |
| 5 years | $-18,387 |
| 7 years | $-15,736 |
| 9 years | $-13,085 |
| 11 years | $-10,434 |
| 13 years | $-7,782 |
| 15 years | $-5,131 |
| 17 years | $-2,480 |
| 19 years | $171 |
| 21 years | $2,823 |
| 23 years | $5,474 |
| 25 years | $8,125 |
Top Solar Installers in Terre Haute
Although it's possible to install solar panels by yourself, it takes extra energy and handiness. Because of that, almost all homeowners choose to go with a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your home.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Terre Haute
Factors that Affect Solar Panel Costs in Terre Haute
There are several factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $4,100 per kilowatt in Terre Haute.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Terre Haute average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Terre Haute homeowners decide to finance their solar panel systems to make going solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you pick will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Terre Haute know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $9,764 | 16.2 years |
| 8 kW | $4.18 | $23,419 | $13,478 | 15.9 years |
| 10 kW | $4.10 | $28,700 | $17,422 | 15.6 years |
| 12 kW | $4.02 | $33,751 | $21,595 | 15.2 years |
| 14 kW | $3.94 | $38,573 | $25,997 | 14.9 years |
| 16 kW | $3.85 | $43,165 | $30,630 | 14.6 years |
| 18 kW | $3.77 | $47,527 | $35,492 | 14.3 years |
| 20 kW | $3.69 | $51,660 | $40,583 | 14.0 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Terre Haute, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When making the switch to solar, it’s necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Terre Haute, IN Solar Cost FAQs
What is the average cost of installing solar panels in Terre Haute?
The average cost of solar panels in Terre Haute 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 such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities 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.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of 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 are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.