Solar Panel Cost Guide in Evansville, WI (2023 Update)
- Evansville Solar Installation Cost: $13,177
- 25-Year Savings: $21,722
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Evansville
We go over average solar pricing in Evansville.
The average cost of solar panels in Evansville is 2.6 per watt. Because a 7.2-kW system is needed to cover the energy usage of a typical home in Evansville, the average price of going solar will be about $13,177 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Evansville depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Evansville find investing in solar has a decent ROI.
To get a free quote from a pre-vetted solar installation company in Evansville, you can click the button below.
Solar savings over time in Evansville
| Year | Return on Investment |
|---|---|
| 1 years | $-11,781 |
| 3 years | $-8,989 |
| 5 years | $-6,197 |
| 7 years | $-3,405 |
| 9 years | $-613 |
| 11 years | $2,179 |
| 13 years | $4,971 |
| 15 years | $7,763 |
| 17 years | $10,555 |
| 19 years | $13,347 |
| 21 years | $16,139 |
| 23 years | $18,931 |
| 25 years | $21,722 |
Top Solar Installers in Evansville
Installing solar panels by yourself can be a stressful project, which is why using a solar installation company is a good option for many homeowners. Plus, if you're not certain what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our suggestions for providers in Evansville:
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 Evansville
Factors that Affect Solar Panel Costs in Evansville
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Evansville: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase 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
Most solar companies in Evansville offer solar loans, which reduce your upfront costs of installing solar. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Evansville is the company you hire to install your PV system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services at different price points. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.70 | $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
There are many companies available in Evansville, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Long-standing companies 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 adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Solar Panel Brands: The model of solar panel you'd like to get plays a role in which company you should go with, since different companies have access to different panels.
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 Evansville, WI Solar Cost FAQs
How much does it cost to install solar panels in Evansville?
This is a hard question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Evansville?
Leasing solar panels can be an option if you can't 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 savings from going solar.
Do solar panels increase your home value?
Solar panels can increase your property's value remarkably 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 long do solar panels last in Evansville?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much 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 keep using 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.