Solar Panel Cost Guide in Terre Haute, IN (2023 Update)
- Terre Haute Solar Installation Cost: $16,359
- 25-Year Savings: $23,842
- Payback Period: 10.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Terre Haute
Find out how much it might cost to go solar in Terre Haute.
The average cost of a solar system in Terre Haute is 2.68 per watt. Since a 8.7-kW system is needed to cover the energy costs of a typical home in Terre Haute, the average price of going solar will be about $16,359 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of equipment you choose, your solar contractor and more. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on power bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Terre Haute
| Year | Return on Investment |
|---|---|
| 1 years | $-14,751 |
| 3 years | $-11,535 |
| 5 years | $-8,319 |
| 7 years | $-5,103 |
| 9 years | $-1,887 |
| 11 years | $1,329 |
| 13 years | $4,545 |
| 15 years | $7,761 |
| 17 years | $10,977 |
| 19 years | $14,193 |
| 21 years | $17,409 |
| 23 years | $20,626 |
| 25 years | $23,842 |
Top Solar Installers in Terre Haute
Although it's possible to install solar panels by yourself, it takes extra energy and handiness. For that reason, the majority of homeowners choose to hire a solar panel installer. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Terre Haute
Factors that Affect Solar Panel Costs in Terre Haute
The cost of installing a solar system in Terre Haute can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
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 power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,680 per kilowatt in Terre Haute. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Terre Haute, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Terre Haute, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Terre Haute homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Terre Haute, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,967 | 10.6 years |
| 8 kW | $2.73 | $15,308 | $21,589 | 10.4 years |
| 10 kW | $2.68 | $18,760 | $27,362 | 10.2 years |
| 12 kW | $2.63 | $22,062 | $33,284 | 10.0 years |
| 14 kW | $2.57 | $25,213 | $39,357 | 9.8 years |
| 16 kW | $2.52 | $28,215 | $45,579 | 9.6 years |
| 18 kW | $2.47 | $31,067 | $51,952 | 9.4 years |
| 20 kW | $2.41 | $33,768 | $58,475 | 9.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Terre Haute, IN Solar Cost FAQs
What is the average cost of installing solar panels in Terre Haute?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Terre Haute?
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 home 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 making the switch to solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
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 how much energy they produce 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.