Solar Panel Cost Guide in Winona Lake, IN (2023 Update)
- Winona Lake Solar Installation Cost: $16,846
- 25-Year Savings: $26,766
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Winona Lake
Let's take a look at the average cost of solar in Winona Lake.
The average cost of a solar system in Winona Lake is 2.68 per watt. The average solar panel system size in Winona Lake is around 9.0 kilowatts, meaning a cost of about $16,846 for a solar installation, or $24,090 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Winona Lake homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find adopting solar power is a sound investment. The average homeowner in Winona Lake can save around $18,000 on their energy bills over 20 years.
To receive a free quote from a top solar company in Winona Lake, you can click the button below.
Solar savings over time in Winona Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,102 |
| 3 years | $-11,613 |
| 5 years | $-8,124 |
| 7 years | $-4,635 |
| 9 years | $-1,146 |
| 11 years | $2,343 |
| 13 years | $5,832 |
| 15 years | $9,321 |
| 17 years | $12,810 |
| 19 years | $16,299 |
| 21 years | $19,788 |
| 23 years | $23,277 |
| 25 years | $26,766 |
Top Solar Installers in Winona Lake
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Using an installer can make switching to solar power much easier. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 Winona Lake
Factors that Affect Solar Panel Costs in Winona Lake
Though the average cost of a solar system in Winona Lake is $16,846, your final cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,680. There are a lot of different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Winona Lake, you'll have many options to choose from, but each comes at various price points for labor and equipment. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $17,431 | 10.0 years |
| 8 kW | $2.73 | $15,308 | $23,542 | 9.9 years |
| 10 kW | $2.68 | $18,760 | $29,803 | 9.7 years |
| 12 kW | $2.63 | $22,062 | $36,213 | 9.5 years |
| 14 kW | $2.57 | $25,213 | $42,774 | 9.3 years |
| 16 kW | $2.52 | $28,215 | $49,485 | 9.1 years |
| 18 kW | $2.47 | $31,067 | $56,346 | 8.9 years |
| 20 kW | $2.41 | $33,768 | $63,357 | 8.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: When reading through your solar company'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 the company going out of business.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Winona Lake, IN Solar Cost FAQs
How much does it cost to install solar panels in Winona Lake?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Winona Lake?
Solar panels aren't free in Winona Lake, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $971.25 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a 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 buy between 20 and 35 panels to account for 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.