Solar Panel Cost Guide in West Lafayette, IN (2023 Update)
- West Lafayette Solar Installation Cost: $16,640
- 25-Year Savings: $25,079
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in West Lafayette
Here's how much it might cost to install solar panels in West Lafayette.
The national average cost of solar panels is $2.66 per watt, but in West Lafayette it's 2.68 per watt. The average West Lafayette homeowner needs a 8.9-kilowatt system, which would cost about $16,640 with the federal tax credit, or $23,795 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront cost of solar panels is worth paying. On average West Lafayette homeowners see about $18,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar installer in West Lafayette that can help you get a more accurate cost estimate for your home.
Solar savings over time in West Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-14,971 |
| 3 years | $-11,634 |
| 5 years | $-8,296 |
| 7 years | $-4,959 |
| 9 years | $-1,621 |
| 11 years | $1,716 |
| 13 years | $5,054 |
| 15 years | $8,392 |
| 17 years | $11,729 |
| 19 years | $15,067 |
| 21 years | $18,404 |
| 23 years | $21,742 |
| 25 years | $25,079 |
Top Solar Installers in West Lafayette
Installing solar panels on your own can be a dangerous project, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in West Lafayette:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
There are many factors that can play into 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
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,680. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in West Lafayette, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. 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 final key 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 a great number of options to choose from, but each comes at different price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $16,499 | 10.4 years |
| 8 kW | $2.73 | $15,308 | $22,299 | 10.2 years |
| 10 kW | $2.68 | $18,760 | $28,250 | 10.0 years |
| 12 kW | $2.63 | $22,062 | $34,350 | 9.8 years |
| 14 kW | $2.57 | $25,213 | $40,600 | 9.6 years |
| 16 kW | $2.52 | $28,215 | $47,000 | 9.4 years |
| 18 kW | $2.47 | $31,067 | $53,551 | 9.2 years |
| 20 kW | $2.41 | $33,768 | $60,251 | 9.0 years |
How to Save on Solar Panels
There are a large number of companies available in West Lafayette, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you're worried about the endurance of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: The model of solar panel you want to install plays a role in which installer you should choose, since different companies have access to different panels.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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?
This is a hard question to answer precisely, 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout West Lafayette, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in West Lafayette?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.