Solar Panel Cost Guide in Evansville, WI (2023 Update)
- Evansville Solar Installation Cost: $13,184
- 25-Year Savings: $21,715
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Evansville
Let's take a look at the average cost of solar panels in Evansville.
The national average cost of solar panels is $2.66 per watt, but in Evansville it's 2.6 per watt. To account for the typical energy needs of the average home in Evansville, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,177, or $18,843 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and how much solar costs for you will differ based on the amount of energy your home requires and what company you choose to go with. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Evansville see about $18,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Evansville for a quote for your home.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,068 |
| 3 years | $-12,835 |
| 5 years | $-12,602 |
| 7 years | $-12,370 |
| 9 years | $-12,137 |
| 11 years | $-11,904 |
| 13 years | $-11,672 |
| 15 years | $-11,439 |
| 17 years | $-11,206 |
| 19 years | $-10,974 |
| 21 years | $-10,741 |
| 23 years | $-10,508 |
| 25 years | $-10,276 |
Top Solar Installers in Evansville
Trying to install solar panels by yourself can be a dangerous task, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for your home.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Evansville
Factors that Affect Solar Panel Costs in Evansville
There are a number of factors that can play into your total 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
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with 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 $2,600. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Evansville homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your overall costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.70 | $11,357 | $17,550 | 9.8 years |
| 8 kW | $2.65 | $14,851 | $23,691 | 9.6 years |
| 10 kW | $2.60 | $18,200 | $29,977 | 9.4 years |
| 12 kW | $2.55 | $21,403 | $36,410 | 9.3 years |
| 14 kW | $2.50 | $24,461 | $42,988 | 9.1 years |
| 16 kW | $2.44 | $27,373 | $49,711 | 8.9 years |
| 18 kW | $2.39 | $30,139 | $56,580 | 8.7 years |
| 20 kW | $2.34 | $32,760 | $63,595 | 8.5 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Solar Panel Brands: The brand of solar panel you'd like plays a role in which company you should choose, since different companies provide different panels.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two 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 positive reviews from past customers.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Evansville, WI Solar Cost FAQs
What is the average cost of installing solar panels in Evansville?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Evansville?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for 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 usually produce about 250 to 400 watt-hours per hour, the average household 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.