Solar Panel Cost Guide in Winfield, IN (Mar 2023)
- Winfield Solar Installation Cost: $16,771
- 25-Year Savings: $28,521
- Payback Period: 9.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Winfield
Find out how much it might cost to switch to solar power in Winfield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Winfield, the typical cost of solar panels is 2.68 per watt. The average Winfield homeowner needs a 8.9-kilowatt system, which would cost about $16,771 with the federal tax credit, or $23,983 before the 30% tax credit is applied.
These figures are just estimates, and your own solar costs will look different based on your energy needs and what company you go with. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
Click the button below to get connected to a vetted solar company in your area for a custom quote.
Solar savings over time in Winfield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,960 |
| 3 years | $-11,336 |
| 5 years | $-7,713 |
| 7 years | $-4,090 |
| 9 years | $-466 |
| 11 years | $3,157 |
| 13 years | $6,780 |
| 15 years | $10,404 |
| 17 years | $14,027 |
| 19 years | $17,650 |
| 21 years | $21,274 |
| 23 years | $24,897 |
| 25 years | $28,521 |
Top Solar Installers in Winfield
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar panel installer can make converting to solar power much easier. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
If you'd like to start using solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers in Winfield:
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 Winfield
Factors that Affect Solar Panel Costs in Winfield
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 does the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Winfield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,680 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Winfield to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. Although solar loans make switching to solar energy more accessible for Winfield homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you choose will play a role in your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $18,689 | 9.6 years |
| 8 kW | $2.73 | $15,308 | $25,219 | 9.4 years |
| 10 kW | $2.68 | $18,760 | $31,899 | 9.3 years |
| 12 kW | $2.63 | $22,062 | $38,729 | 9.1 years |
| 14 kW | $2.57 | $25,213 | $45,709 | 8.9 years |
| 16 kW | $2.52 | $28,215 | $52,839 | 8.7 years |
| 18 kW | $2.47 | $31,067 | $60,119 | 8.5 years |
| 20 kW | $2.41 | $33,768 | $67,550 | 8.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
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 Winfield, IN Solar Cost FAQs
How much does it cost to install solar panels in Winfield?
This is a tough question to answer exactly, because the cost depends on a few different 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 be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Winfield?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels significantly reduce my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Winfield, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
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 stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use 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.