Solar Panel Cost Guide in Indianola, MS (2023 Update)
- Indianola Solar Installation Cost: $15,587
- 25-Year Savings: $27,250
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Indianola
See how much it might cost to switch to solar power in Indianola.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Indianola, the typical cost of a solar system is 2.64 per watt. To account for the typical energy needs of the average home in Indianola, most homeowners require a 8.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,579, or $22,278 before the federal solar tax credit of 30% is applied.
These figures are only averages, and how much solar costs for you will look different based on your specific situation and what company you choose to go with. Despite the large upfront cost, the average Indianola homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar installer in your area for a custom estimate.
Solar savings over time in Indianola
| Year | Return on Investment |
|---|---|
| 1 years | $-14,219 |
| 3 years | $-11,484 |
| 5 years | $-8,749 |
| 7 years | $-6,015 |
| 9 years | $-3,280 |
| 11 years | $-545 |
| 13 years | $2,190 |
| 15 years | $4,925 |
| 17 years | $7,660 |
| 19 years | $10,395 |
| 21 years | $13,130 |
| 23 years | $15,865 |
| 25 years | $18,599 |
Top Solar Installers in Indianola
Although you can install solar panels yourself, it involves extra energy and handiness. For that reason, the majority of homeowners choose to go with a solar panel installer. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers nearby:
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 Indianola
Factors that Affect Solar Panel Costs in Indianola
There are many factors that can determine 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
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Indianola average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Indianola, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you pick will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Indianola have more knowledge about local solar incentives and can help you take advantage 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 help you save 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 | $2.75 | $11,532 | $18,941 | 9.5 years |
| 8 kW | $2.69 | $15,080 | $25,551 | 9.3 years |
| 10 kW | $2.64 | $18,480 | $32,308 | 9.1 years |
| 12 kW | $2.59 | $21,732 | $39,213 | 8.9 years |
| 14 kW | $2.53 | $24,837 | $46,266 | 8.7 years |
| 16 kW | $2.48 | $27,794 | $53,467 | 8.6 years |
| 18 kW | $2.43 | $30,603 | $60,816 | 8.4 years |
| 20 kW | $2.38 | $33,264 | $68,312 | 8.2 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which company you should opt for, since different companies have different panels.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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 Indianola, MS Solar Cost FAQs
How much does it cost to install solar panels in Indianola?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,200 for a 5-kW system and $26,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Indianola?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
Do solar panels increase your property value?
Solar panels can increase your property's value 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% with a solar installation."
How many solar panels should I get 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 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 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.