Solar Panel Cost Guide in West Lafayette, IN (2024 Update)
- West Lafayette Solar Installation Cost: $25,470
- 25-Year Savings: $25,071
- Payback Period: 15.3 Years
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Average Cost of Solar Panels in West Lafayette
We break down average solar pricing in West Lafayette.
The national average cost of solar panels is $2.66 per watt, but in West Lafayette it’s 4 per watt.The average solar panel system size in West Lafayette is around 8.9 kilowatts, meaning a cost of about $25,470 for a solar installation, or $36,422 before the 0 federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on the amount of energy your home requires and what company you choose to go with.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $18,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar installer in West Lafayette for a personalized quote.
Solar savings over time in West Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-24,052 |
| 3 years | $-21,216 |
| 5 years | $-18,380 |
| 7 years | $-15,544 |
| 9 years | $-12,708 |
| 11 years | $-9,872 |
| 13 years | $-7,036 |
| 15 years | $-4,200 |
| 17 years | $-1,364 |
| 19 years | $1,473 |
| 21 years | $4,309 |
| 23 years | $7,145 |
| 25 years | $9,981 |
Top Solar Installers in West Lafayette
When switching to solar energy, many homeowners opt to hire a solar installation company since handling can be a time-consuming project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you’d like to go solar but still aren’t certain which solar system installer to go with, here are our suggestions for providers nearby:
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 West Lafayette
Factors that Affect Solar Panel Costs in West Lafayette
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in West Lafayette: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in West Lafayette, 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 overall cost can increase by around $4,100 for each additional kilowatt you need.The kind of solar equipment you choose can increase or decrease your cost 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 in the long run on your power bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the West Lafayette average.
Solar Financing Terms
Many homeowners find the average cost of solar in West Lafayette to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.Although solar loans make adopting solar energy more accessible for West Lafayette homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in West Lafayette, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in West Lafayette have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $10,297 | 15.9 years |
| 8 kW | $4.18 | $23,419 | $14,188 | 15.6 years |
| 10 kW | $4.10 | $28,700 | $18,310 | 15.3 years |
| 12 kW | $4.02 | $33,751 | $22,660 | 15.0 years |
| 14 kW | $3.94 | $38,573 | $27,241 | 14.7 years |
| 16 kW | $3.85 | $43,165 | $32,050 | 14.3 years |
| 18 kW | $3.77 | $47,527 | $37,090 | 14.0 years |
| 20 kW | $3.69 | $51,660 | $42,359 | 13.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When making the switch to solar energy, it’s necessary to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which installer you should go with, since different companies have different panels.
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 West Lafayette, IN Solar Cost FAQs
How much does it cost to install solar panels in West Lafayette?
The average cost of solar panels in West Lafayette 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in West Lafayette?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.