Solar Panels Cost 8.7k-20k in Elkhart, IN | November, 2024

Solar Panels Cost $8.7k-$20k in Elkhart, IN | November, 2024

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

In Elkhart, IN, the cost per watt for solar panels averages $4.16/W in November, 2024.

Using the cost, you are able to conclude that for every 1000 watts (1 kW) your panels can produce you will have to invest $4,160 to have your system installed. After receiving the 30% federal tax credit, you can expect to pay around $14,560 for a 5 kW system in Elkhart. Please consider, a 5kW system may not be enough to meet your energy demands.

By selecting your county on the left, you can see the average roof size and the average maximum capacity for residential solar panel systems in your area. Below is an analysis of the costs, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Elkhart: $14,560US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Elkhart: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Elkhart: $12,843US Average: $16,169

Solar Potential in Elkhart

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

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

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

Elkhart residents generally consume 855 kWh of electricity each month, with bills averaging $140.18. {These numbers include apartments and other smaller homes, which generally have reduced energy consumption.

In November 2024, Elkhart, IN's mean electricity rate is 16.4¢ per kWh.

In Elkhart, a system size of 7 kW or more is needed for the typical energy consumer to account for all of their energy needs. Right now, a 7 kW solar panel system will set you back about $29,120upfront, but thanks to the federal tax credit, you receive 30% back, reducing the total to $20,384.

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Average solar panel costs by system size in Elkhart

On the left side below, the cost breakdown for various sizes of solar panel systems set up in Elkhart can be seen. The initial cost for more extensive solar systems is larger, but they also provide more significant electricity savings and higher income tax credits.

Check the solar panel cost calculator down and to the right to see the cost and benefit details derived from an average $140.18 electric bill in Elkhart. Change the $140.18 with your typical electricity bill to get more detailed results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $710 a year
Est. Price
$8,736
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $59
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 3.85 tons a year
  • Equivalent to planting 177 trees a year
  • Equivalent to driving 9,524 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $947 a year
Est. Price
$11,648
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $79
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 5.13 tons a year
  • Equivalent to planting 236 trees a year
  • Equivalent to driving 12,699 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,183 a year
Est. Price
$14,560
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $99
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 6.41 tons a year
  • Equivalent to planting 295 trees a year
  • Equivalent to driving 15,874 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,420 a year
Est. Price
$17,472
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $118
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 7.7 tons a year
  • Equivalent to planting 353 trees a year
  • Equivalent to driving 19,048 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,656 a year
Est. Price
$20,384
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $138
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 8.98 tons a year
  • Equivalent to planting 412 trees a year
  • Equivalent to driving 22,223 mi less a year

Elkhart Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant offers substantial financial support, potentially covering 80% to 100% of the costs for rural businesses and farms to install solar energy or wind energy systems. Think you might be eligible? Verify your qualification with our REAP Grant eligibility tool.

Most people can benefit from the 30% federal income tax credit for residential solar, making it a feasible investment in numerous areas of the country. Numerous regional and state programs are in place to encourage solar energy adoption.

There are 4 solar rebate and incentive initiatives currently available in Indiana by various utilities and government bodies.

Solar incentives in IN

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?

If your goal is to maintain your home well past the payback period of your solar system, solar panels are an clear choice in Elkhart. By installing a 5 kW solar system in Elkhart, IN, you can expect to save around $19,083.2 over 20 years, with the break even point usually being 9 years.

The cost of not having solar panels in Elkhart, IN

Apart from missing out on the savings noted above, the absence of solar panels or another backup energy solution leads to total dependency on your electric utility for power. Many recent news stories have made it evident that complete reliance on your utility isn't always the best idea.

Recently, customers in Elkhart have experienced an average of 1.2 outages per year. The typical duration of each outage is 202.99 minutes. When significant events such as construction accidents, overloaded power grids or hurricanes occur, these time frames can become much longer.

A solar panel system, whether or not it has a backup battery, could help reduce the impact of future outages you might face.

Power Outages

Currently, 0 customers are being tracked in Elkhart County.

Learn more

Customers Out:

0

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

Your Energy Needs - The upfront cost for larger solar panel systems is larger, but the cost per watt decreases as the system size expands. Homeowners often find that setting up a solar system that can cover their entire electric bill is advantageous, leading to maximum savings.

Make & Model - There are numerous brands and models of solar panels. The installer you select may have particular brand preferences, so it's crucial to select a reputable contractor. Superior quality models generally result in a more satisfactory long-term experience for buyers.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. They come with a higher price but are more efficient. Many solar panel installers use panels made of this kind of material.

Your Property - Every property and home is distinct. Trees, sloping terrain, or additional hurdles can make the installation more difficult. These days, solar installers typically use satellite images to evaluate your home and include these factors into the first cost estimate.

Labor Rates - The wages that companies offer their employees vary, and these expenses are inevitably shown in consumer prices. Usually, companies paying more in wages also enjoy higher ratings for their work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees change locally and will influence your installation cost. Quality local installers will include these figures in your first estimates to provide transparency.

See what solar panels cost in other IN cities

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Who are the best solar installers in Elkhart?

YellowLite

Cleveland, OH(216) 333-1364

Services

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

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

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

Power Home Solar

Mooresville, NC(704) 870-3670

Services

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

SunPower Corporation

San Jose, CA(800) 786-7693

Services

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

Silver Sun Solar

Deltona, FL(407) 832-42452

Services

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

Harvest Solar

Jackson, MI(888) 907-6527

Services

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

GRNE Solar

Palatine, IL(312) 859-3417

Services

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

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

  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Auditing of energy requirements for independent energy generation.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

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

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Expertise in consulting on advantageous financing for solar.
  • Auditing of energy requirements for independent energy generation.
  • Installation of solar arrays.
  • Monitoring of independent energy generation.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

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

Icon Solar

Milford, OH(513) 396-7777

Services

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

Elkhart, IN Solar Panel Cost FAQs

  • In November, 2024, the average cost of solar panels per watt in Elkhart, IN is $4.16/W. After federal tax credits, the installation of a 5 kW solar panel system in Elkhart, IN is estimated to cost $14,560.
  • There are 4 rebates and incentives available in Indiana from a range of utility providers and government organizations. Furthermore, the majority of people qualify for the 30% federal tax credit.
  • Paying cash offers the highest savings, but there are now numerous financing options for solar panels that are also cost-effective. Installers typically partner with financing companies and will provide this information into your initial quotes.
  • Yes, the average 5 kW solar panel payback period in Elkhart, IN stands at 9 years, yielding average electricity savings of $19,083.2 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-11-04