Solar Panel Cost Guide in Indiana, PA (Mar 2023)
- Indiana Solar Installation Cost: $12,638
- 25-Year Savings: $14,012
- Payback Period: 11.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Indiana
We break down average solar pricing in Indiana.
In Indiana, solar panels cost about 2.55 per watt on average. The average Indiana homeowner needs a 7.1-kilowatt system, which would cost about $12,638 with the federal tax credit, or $18,072 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Indiana homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Indiana
| Year | Return on Investment |
|---|---|
| 1 years | $-11,572 |
| 3 years | $-9,440 |
| 5 years | $-7,308 |
| 7 years | $-5,176 |
| 9 years | $-3,044 |
| 11 years | $-912 |
| 13 years | $1,220 |
| 15 years | $3,352 |
| 17 years | $5,484 |
| 19 years | $7,616 |
| 21 years | $9,748 |
| 23 years | $11,880 |
| 25 years | $14,012 |
Top Solar Installers in Indiana
Although it's possible to install solar panels on your own, it requires extra energy and handiness. That's why most people choose to go with a solar panel installer. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Indiana
Factors that Affect Solar Panel Costs in Indiana
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Indiana: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,550. There are a lot of different solar panel brands and the one you choose also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far 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 an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average. While solar loans make adopting solar energy more accessible for Indiana homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you pick will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $11,440 | 12.3 years |
| 8 kW | $2.60 | $14,566 | $15,539 | 12.1 years |
| 10 kW | $2.55 | $17,850 | $19,780 | 11.9 years |
| 12 kW | $2.50 | $20,992 | $24,165 | 11.6 years |
| 14 kW | $2.45 | $23,990 | $28,692 | 11.4 years |
| 16 kW | $2.40 | $26,846 | $33,362 | 11.1 years |
| 18 kW | $2.35 | $29,560 | $38,175 | 10.9 years |
| 20 kW | $2.29 | $32,130 | $43,131 | 10.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The kind of solar panel you'd like to install plays a role in which company you should go with, since different companies offer different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Indiana, PA Solar Cost FAQs
What is the average cost of installing solar panels in Indiana?
The average cost of solar panels in Indiana is about $12,750 for a 5-kW system and $25,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Indiana?
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 don't have access to 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 bang for your buck from going solar.
How will having solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Indiana is currently $153,500, which means you can expect a value of about $6,294 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Indiana is a rewarding investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.