Solar Panels Cost 7.9k-18k in Anderson, IN | October, 2024

Solar Panels Cost $7.9k-$18k in Anderson, IN | October, 2024

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How much do solar panels cost in Anderson, IN in 2024?

The average cost per watt for a solar panel installation in Anderson, IN in October, 2024 is $3.8/W.

It will cost $3,800, on average, for every 1K (or 1000 watts) of capacity that your solar panels have. When you consider the 30% federal tax credit, a 5 kW solar panel system in Anderson will set you back $13,300. It's vital to consider that a more extensive system could be necessary to fulfill your energy requirements.

By selecting your county on the left, you can find out the average roof size and the maximum capacity for solar panels on homes in your area. The following outline, below, highlights the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Anderson: $13,300US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Anderson: 11 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Anderson: $4,779US Average: $15,784

Solar Potential in Anderson

Estimated system size and solar electricity production per median viable roof in
Anderson.

Roof size 644sq. ft.
Capacity 9kW DC
Electricity 10.2kkWh AC per yr.

Electricity Costs in Anderson, IN & What that Means for Your Solar Panel Pricing

The standard monthly kWh usage for a Anderson resident is 826, with an average monthly bill of $99.08. Flats and other smaller residences with lower energy consumption are included in this figure.

In October 2024, the electricity rate in Anderson, IN is 12¢ per kWh.

In Anderson, typical consumers has to have a system size of 7 kW or greater to fully account for their entire energy consumption demands. The expense for a a 7 kW solar panel installation is approximately $26,600 before any incentives, but the federal tax credit gives you back 30%, bringing the price down to $18,620.

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Average solar panel costs by system size in Anderson

To the left, you'll see a detailed price breakdown of the different sizes of solar panel systems set up in Anderson. Even though a more extensive solar installation comes with a greater cost, it also provides greater electricity savings and larger income tax credits.

In the solar panel cost calculator found below and to the right, you can see a cost and benefit breakdown to match an average $99.08electric bill in Anderson. For custom results, update the $99.08 to what your average electricity bill is.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $532 a year
Est. Price
$7,980
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $44
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 6.32 tons a year
  • Equivalent to planting 290 trees a year
  • Equivalent to driving 15,636 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $710 a year
Est. Price
$10,640
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $59
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 8.42 tons a year
  • Equivalent to planting 387 trees a year
  • Equivalent to driving 20,848 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $887 a year
Est. Price
$13,300
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $74
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 10.53 tons a year
  • Equivalent to planting 484 trees a year
  • Equivalent to driving 26,060 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$15,960
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $89
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 12.63 tons a year
  • Equivalent to planting 580 trees a year
  • Equivalent to driving 31,272 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,242 a year
Est. Price
$18,620
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $99
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 14.09 tons a year
  • Equivalent to planting 647 trees a year
  • Equivalent to driving 34,888 mi less a year

Anderson Solar Panel Installation Incentives & Rebates | 2024

If you own a farm or small business in a rural area, the REAP Grant might cover between 80% and 100% of your solar energy or wind turbine installation costs. To see if you qualify, use our REAP Grant eligibility tool.

With the accessibility of a 30% federal income tax credit, solar energy becomes a feasible solution for most homeowners, especially in various parts of the country. Alongside federal incentives, there are many state and local initiatives to encourage solar energy adoption.

Indiana residents have access to 4 solar rebate and incentive initiatives from different utilities and governmental agencies.

Renewable Energy Property Tax Exemption

Value:Varies

Property tax exemptions apply in Indiana for solar, wind, geothermal, and hydroelectric power and thermal devices. (Solar devices installed before January 1, 2012 do not qualify for an exemption.) For most generation systems, exemptions will amount to the currently assessed value of the system (adjusted for depreciation.) Solar thermal, HVAC, or pool heating systems will be exempted at a fixed amount equal to parts and labor costs. Unique to Indiana, should the owner sell their property, exemptions will not apply to the new owner. Qualifying taxpayers may claim the exemption by filing Form 18865 with their county. Additional information is available from the Indiana Department of Local Government Finance website.

Community Conservation Challenge

Value:Varies

NOTE: This program is closed to new applicants. Indiana's Community Conservation Challenge is a grant program managed by the Office of Energy Development. Commercial, industrial, or agricultural property owners may be eligible for $20,000 - $80,000 to install new renewable energy systems or make energy efficiency improvements. Projects that may qualify for funding include green vehicles, HVAC, lighting, solar PV/thermal systems, and wind turbines. At least one community must partner with the property owner, and the completed project should be visible to the public eye. Additional information is available from the OED website.

NIPSCO - Feed-In Tariff

Value:Varies

NIPSCO pays feed-in tariffs to distributed renewable energy customers with systems rated for 3 kilowatts to one megawatt of capacity. Monthly compensation will take the form of a bill credit based on the amount of excess energy sent back to the grid. Unlike net metering, NIPSCO has greater control over how much of a customer's generated energy can be considered "excess." This control is to keep the grid stable. Customers must "opt in" to receive tariffs by filling out an application on the NIPSCO website and paying an administration fee based on system capacity; the current fee is $1 per kilowatt plus $25.

Clean Energy Portfolio Standard

Value:Varies

Indiana has adopted a non-binding renewable portfolio standard called the CHOICE. There have been three clean energy targets set with the final goal of sourcing 10% of the state's energy from renewable sources by 2025. Unique to the CHOICE standard, up to 30% of investments can be in cleaner conventional energy (natural gas, CHP, and clean coal). Participation in the CHOICE is completely voluntary. Interested utilities can register with the state's Utility Regulatory Commission to submit business and project plans. As a utility makes CHOICE investments, they will earn Clean Energy Credits pegging energy capacity to a fixed dollar value. Additional information is available from the CHOICE website.

Are solar panels worth it in Indiana?

For homeowners in Anderson looking to stay beyond the payback period of their solar system, solar panels are the best choice. In Anderson, IN, a 5 kW solar system installation might save you $10,479.2 on average over 20 years, with a usual break even point of 11 years.

The cost of not having solar panels in Anderson, IN

Without solar panels or another backup power source, you miss out on the earlier mentioned savings and are entirely dependent on your electric utility for electricity. Recent news has proven that full reliance on your utility company isn't always ideal.

The average number of outages per customer per year in Anderson is 1.39. On average, the length of an outage is 231.33 minutes. Major events like tornadoes, grid management errors, or wildlife damage can cause these durations to rise considerably.

Even without a backup battery, a solar panel system could ease the strain of possible future power disruptions you may face.

Power Outages

Currently, 0 customers are being tracked in Madison County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Anderson, IN?

Your Energy Needs - Though the initial cost of larger solar panel systems is greater, the price per watt reduces as the system gets larger. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is advantageous, providing significant savings.

Make & Model - Like many other products, there are different makes and models of solar panels on the market. Your installer’s system preferences might necessitate choosing a recommended contractor. The selection of high-quality makes and models can substantially improve the long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and deservedly so. Despite the higher price tag, these panels provide greater energy output. Most installation experts use panels made from this material.

Your Property - Each property and residence is unique. Issues such as trees, uneven landscapes, or other impediments may add to the complexity of the installation. Most solar installers now are able to utilize satellite imagery to assess your home and incorporate these factors in the initial cost estimate.

Labor Rates - Employees receive varying wages from different companies, and these costs are passed on to the consumers. Higher wages typically lead to companies getting better reviews for their work and customer service.

Permitting & Interconnection - Local permitting and utility level interconnection fees vary by area and will affect your final install price. Quality local installers will build these figures into your initial estimates to prevent any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Anderson?

YellowLite

Cleveland, OH(877) 743-8757

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of batteries for energy storage.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Anderson, IN Solar Panel Cost FAQs

  • As of October, 2024, the average cost for solar panels in Anderson, IN is $3.8/W. Installing a 5 kW solar panel system in Anderson, IN will cost approximately $13,300 after applying the federal tax credit.

  • Residents of Indiana can currently take advantage of 4 rebates and incentives offered by various utilities and government bodies. Furthermore, the majority of people qualify for the 30% federal tax credit.

  • Even though paying cash yields the best savings, there are now multiple financing options for solar panels that are also financially beneficial. Installers typically partner with financing companies and will include this information into your initial quotes.

  • Yes, the average 5 kW solar panel payback period in Anderson, IN stands at 11 years, yielding average electricity savings of $10,479.2 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01