Solar Panels Cost 10k-21k in Evansville, IN | August, 2024

Solar Panels Cost $10k-$21k in Evansville, IN | August, 2024

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

Going solar in August, 2024 in Evansville, IN costs about $3.85/W.

According to the price, solar panel installations will cost you approximately $3,850 per 1000 watts (1 kW) of production capacity. When you subtract the 30% federal tax credit, you will spend around $13,475, in Evansville, for a 5 kW solar system. Please consider, a 5kW system might not be sufficient to satisfy your energy demands.

On the left, choose your county to see the typical roof size and the maximum generation capacity for solar panels on homes in your area. Below, you'll find a full outline of the price, 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.
Evansville: $13,475US Average: $12,634
Average Payback Period The number of years until you break even on the solar investment.
Evansville: 8 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Evansville: $14,768US Average: $15,248

Solar Potential in Evansville

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

Roof size 697sq. ft.
Capacity 9.75kW DC
Electricity 11.2kkWh AC per yr.

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

For Evansville energy consumers, the typical electric bill is $141.74 per month, with a usage of 861 kWh. Small residences, including lofts or apartments, are also encompassed in the statistics noted in the prior sentence.

The rate of electricity in Evansville, IN, averaging, is 16.46¢ per kWh in August 2024.

If you’re a typical energy user in Evansville you must have an 8 kW or more sized system to meet all of your power needs. At this time, an 8 kW solar system will cost you approximately $30,800, but the federal tax credit reduces the price by 30%, making it $21,560.

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Average solar panel costs by system size in Evansville

To the left and below, you can find a detailed cost breakdown for different solar panel system sizes installed in Evansville. As expected, with a more extensive solar system, you'll see a greater initial expense, but the benefits are higher electricity savings and more substantial income tax credits.

The solar panel calculator, located to the right and below, gives a detailed cost and benefit analysis based on a typical $141.74 electric bill for Evansville. Change the $141.74 to your average bill payment for custom results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $931 a year
Est. Price
$10,780
Savings from a 4kWthis system
  • Est. yearly production 5,820 kWh
  • Est. monthly savings $78
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 4.97 tons a year
  • Equivalent to planting 228 trees a year
  • Equivalent to driving 12,312 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,164 a year
Est. Price
$13,475
Savings from a 5kWthis system
  • Est. yearly production 7,275 kWh
  • Est. monthly savings $97
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 6.22 tons a year
  • Equivalent to planting 286 trees a year
  • Equivalent to driving 15,390 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,397 a year
Est. Price
$16,170
Savings from a 6kWthis system
  • Est. yearly production 8,730 kWh
  • Est. monthly savings $116
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 7.46 tons a year
  • Equivalent to planting 343 trees a year
  • Equivalent to driving 18,468 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,630 a year
Est. Price
$18,865
Savings from a 7kWthis system
  • Est. yearly production 10,186 kWh
  • Est. monthly savings $136
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 8.7 tons a year
  • Equivalent to planting 400 trees a year
  • Equivalent to driving 21,545 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,862 a year
Est. Price
$21,560
Savings from a 8kWthis system
  • Est. yearly production 11,641 kWh
  • Est. monthly savings $142
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 9.1 tons a year
  • Equivalent to planting 418 trees a year
  • Equivalent to driving 22,528 mi less a year

Evansville Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and agricultural operations might have their solar energy or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Believe you might be eligible? Use our REAP Grant eligibility tool to check your eligibility.

With the accessibility of a 30% federal income tax credit, solar energy becomes a viable solution for most homeowners, notably in numerous parts of the country. There are also a range of state and local efforts aimed at boosting solar energy use.

Indiana has 4 solar rebate and incentive initiatives available from multiple utilities and government 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?

Intending to stay in your house beyond the solar payback period? Solar panels are a wise investment in Evansville. Installing a 5 kW solar system in Evansville, IN will, on average, save you $20,542.6 over 20 years, and you can expect to break even in about 8 years.

The cost of not having solar panels in Evansville, IN

The lack of solar panels or an alternative energy backup means you'll forgo the earlier mentioned savings and be completely reliant on your electric utility for power. Recent media examples have shown that full reliance on your utility company isn't always ideal.

Customers in Evansville have experienced an average of 1.57 utility outages per year in recent times. Each outage lasts an average of 170.15 minutes. In the case of major events such as heavy rain and flooding, vandalism, or grid management errors, this period can increase substantially.

With or without a backup battery, a solar panel system could relieve the stress of future power disruptions you might encounter.

Go Solar for less than your cell phone bill.

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

Your Energy Needs - The cost per watt is decreased with larger solar panel systems, even though the initial cost is greater. Setting up a solar panel system that can cover the electric bill is advantageous to consumers because of the money saved.

Make & Model - Similar to many other products, there are different makes and models of solar panels and mounting equipment on the market. Your contractor’s potential system preferences make it more important to select a reputable installer. Higher quality makes and models often provide a more positive long-term experience for buyers.

Solar Panel Type - Monocrystalline panels are generally accepted as the standard in the industry, and deservedly so. Even though they are more expensive, they generate more energy. The majority of installers work with panels constructed from this material.

Your Property - No two homes or properties are the same. Elements such as trees, uneven ground, or additional obstacles might complicate the installation process. These days, the majority of solar installers can assess your home with satellite images and factor in these considerations in the preliminary cost estimate.

Labor Rates - Various wages are offered to employees by various companies, and these expenses are transferred to the consumers. Higher wages frequently lead to companies getting better reviews for their work and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which differ by region, will influence your final installation cost. Experienced local installers will incorporate these numbers into your first quotes to avoid any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Evansville?

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

  • Reparation 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.
  • Installation of solar arrays.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

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

SunPower Corporation

San Jose, CA(800) 786-7693

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.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

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

Morton Solar

Evansville, IN(812) 402-0900

Services

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

Harvest Solar

Jackson, MI(888) 907-6527

Services

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

GRNE Solar

Palatine, IL(312) 859-3417

Services

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

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

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

Ideal Energy

Fairfield, IA(800) 634-4454

Services

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

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

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

Icon Solar

Milford, OH(513) 396-7777

Services

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

Evansville, IN Solar Panel Cost FAQs

  • As of August, 2024, the average per-watt cost for solar panels in Evansville, IN is $3.85/W. Post federal tax credit, a 5 kW solar panel system installation in Evansville, IN will roughly cost $13,475.

  • Homeowners in Indiana can take advantage of 4 different rebates and incentives from a variety of utility companies and government agencies. Additionally, almost everyone is entitled to the 30% federal income tax credit.

  • Although cash payments yield the greatest savings, numerous financing options for solar panels now exist that are also cost-effective. Many installers will detail information about their financing partners in the initial quotes they provide.

  • Yes, in Evansville, IN, 5 kW solar panel systems usually pay off in 8 years, providing an average electricity cost savings of $20,542.6 over a 20-year period.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-08-15