Solar Panel Cost Guide in Vincennes, IN (2024 Update)
- Vincennes Solar Installation Cost: $24,698
- 25-Year Savings: $22,606
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Vincennes
Let’s have a look at the average cost of solar panels in Vincennes.
The average cost of a solar system in Vincennes is 4 per watt.To account for the typical energy usage of the average home in Vincennes, most homeowners require a 8.6-kilowatt system. Using the figure above, a solar installation costs about $24,698, or $35,318 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more.With average savings of about $17,000 on power bills over 20 years, many homeowners in Vincennes find investing in solar can be quite rewarding.
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Solar savings over time in Vincennes
| Year | Return on Investment |
|---|---|
| 1 years | $-23,372 |
| 3 years | $-20,721 |
| 5 years | $-18,070 |
| 7 years | $-15,419 |
| 9 years | $-12,767 |
| 11 years | $-10,116 |
| 13 years | $-7,465 |
| 15 years | $-4,814 |
| 17 years | $-2,163 |
| 19 years | $489 |
| 21 years | $3,140 |
| 23 years | $5,791 |
| 25 years | $8,442 |
Top Solar Installers in Vincennes
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be hard. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Vincennes:
Best National Provider
SunPower
- 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
- 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 Vincennes
Factors that Affect Solar Panel Costs in Vincennes
Although the average cost of a solar system in Vincennes is $24,698, your final cost may differ. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Vincennes, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by around $4,100 for each additional kilowatt you need.The model of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment is more than 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 looking into a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Though solar loans make going solar more accessible for Vincennes 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a role in determining the cost. Vincennes’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of 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 | $4.26 | $17,909 | $9,109 | 16.6 years |
| 8 kW | $4.18 | $23,419 | $12,604 | 16.3 years |
| 10 kW | $4.10 | $28,700 | $16,329 | 15.9 years |
| 12 kW | $4.02 | $33,751 | $20,284 | 15.6 years |
| 14 kW | $3.94 | $38,573 | $24,468 | 15.3 years |
| 16 kW | $3.85 | $43,165 | $28,882 | 15.0 years |
| 18 kW | $3.77 | $47,527 | $33,526 | 14.7 years |
| 20 kW | $3.69 | $51,660 | $38,399 | 14.3 years |
How to Save on Solar Panels
The solar company you go with will affect 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 consider, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The kind of solar panel you want plays a part in which installer you should opt for, since different companies have access to different panels.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
Best National Provider
SunPower
- 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
- 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 Vincennes, IN Solar Cost FAQs
How much does it cost to install solar panels in Vincennes?
This is a difficult 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 other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Vincennes?
Leasing solar panels can be an option if you can’t afford to pay upfront or get 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.
Does Vincennes have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.