Solar Panels Cost $17k-$29k in Fayette County, IN | November, 2024
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How much do solar panels cost in Fayette County, IN in 2024?
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Getting a solar system is about $4.15 per watt in the month of November, 2024 in Fayette County, IN.
It will cost $4,150, on average, for every 1000 watts (1 kW) your solar panels is able to generate. After applying the 30% federal tax credit, a 5 kW panel install in Fayette County typically costs $14,525. Depending on your energy consumption habits, you might require a bigger system.
Use the menu on the left to pick your county and find out the average roof size and the average maximum capacity for residential solar on residences in your area. Below, you can see a summary of the price, 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.
Fayette County: $14,525US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Fayette County: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Fayette County: $22,937US Average: $16,169
Solar Potential in Fayette County
Estimated system size and solar electricity production per median viable roof in Fayette County.
Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.
Electricity Costs in Fayette County, IN & What that Means for Your Solar Panel Pricing
Fayette County's average monthly kWh consumption is 1,180, with the average electric bill around 182.03. This figure also includes data from apartments and smaller homes with lower energy needs.
The rate of electricity in Fayette County, IN, averaging, is 15.42¢ per kWh in November 2024.
Right now, a 10 kW setup is priced at around $41,500 before incentives, but after the 30% federal tax credit, the total comes to $29,050.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Fayette County
Visible below and to the left is the price structure for multiple sizes of solar panel systems in Fayette County. More extensive solar installations carry a greater cost, yet they also provide higher electricity savings and more generous income tax credits.
In the calculator located to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $182.03 electric bill for Fayette County. Simply change the $182.03 to your typical electricity bill for more accurate results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$17,430
Savings from a 6kWthis system
Est. yearly production 8,874 kWh
Est. monthly savings $111
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 5.63 tons a year
Equivalent to planting 259 trees a year
Equivalent to driving 13,935 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,553 a year
Est. Price
$20,335
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $129
Full payback in 9 years
Environmental Impacts
Reduces CO2 emissions by 6.57 tons a year
Equivalent to planting 302 trees a year
Equivalent to driving 16,257 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,775 a year
Est. Price
$23,240
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $148
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 7.51 tons a year
Equivalent to planting 345 trees a year
Equivalent to driving 18,580 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,997 a year
Est. Price
$26,145
Savings from a 9kWthis system
Est. yearly production 13,311 kWh
Est. monthly savings $166
Full payback in 12 years
Environmental Impacts
Reduces CO2 emissions by 8.44 tons a year
Equivalent to planting 388 trees a year
Equivalent to driving 20,902 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,218 a year
Est. Price
$29,050
Savings from a 10kWthis system
Est. yearly production 14,790 kWh
Est. monthly savings $182
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 9.24 tons a year
Equivalent to planting 424 trees a year
Equivalent to driving 22,864 mi less a year
Fayette County Solar Panel Installation Incentives & Rebates | 2024
Between 80% and 100% of your solar or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. Think you fit this category? Check your qualification with our REAP Grant eligibility tool.
Homeowners can benefit from a 30% federal income tax credit for adding residential solar panels, making solar power a feasible option across much of the country. Additionally, a number of state and local programs are available to promote solar adoption.
Residents of Indiana can access 6 solar rebate and incentive programs from a range of utilities and governmental organizations.
Solar incentives in INIncentive Description Value
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.
City of Bloomington - Sustainable Development Incentives
Value:Varies
Special administrative incentives may apply to new construction in Bloomington, IN if it meets certain green building standards. The city has established standards across four areas, including energy efficiency, landscape/water efficiency, public policy (specifically promoting alternative vehicles), and public transportation. Buildings meeting certain minimum quotas for projects in the goal areas may qualify for permit fee waivers and less strict setback requirements. Additional information is available from the Bloomington city website.
City of Indianapolis - Green Building Incentive Program
Value:Varies
Special permitting privileges may apply to new projects in Indianapolis or greater Marion County if designers adhere to certain energy efficiency standards. Qualifying structures should either use on-site solar panels/small wind equipment or be ASHRAE 90.1 certified. Appliances, lighting, and HVAC systems used should be ENERGY STAR certified. Once the builder applies for permits, the structure will be ranked across six sustainability criteria. If it passes minimum standards on at least half of the criteria, 30% of the total permit fees will be refunded. For each additional criterion, another 10% will be added to the total rebate. Additional information is available from the Indianapolis city website.
Are solar panels worth it in Fayette County, IN?
If you're intending to reside in your home past the solar system's payback period, solar panels are a wise decision in Fayette County. If you install a 5 kW solar system in Fayette County, IN, you might save $29,162.2 over 20 years on average, with a break even point at roughly 7 years.
The cost of not having solar panels in Fayette County, IN
Apart from missing out on the savings highlighted earlier, not having solar panels or an alternative backup energy source leaves you fully reliant on your electric utility for electricity. The media has demonstrated several cases where complete reliance on your utility isn't always the best scenario.
In recent years, utilities in Fayette County have had an average of 0.94 outages per customer annually. The typical duration of each outage is 107.47 minutes. When significant events such as planned maintenance, grid management errors or heavy rain and flooding occur, these time frames can become much longer.
Take a look at the info below to see the number of current electricity customers without power in Fayette County.
Regardless of whether a backup battery is included or not, a solar panel system could reduce the strain of possible future outages.
Power Outages
Currently, 0 customers are being tracked in Fayette County.
What impacts the cost of solar panels in Fayette County, IN?
Your Energy Needs - The cost per watt is reduced with larger solar panel systems, even though the initial cost is higher. A lot of people find it advantageous to set up a solar energy system that can fully cover their entire electric bill. This results in optimal savings.
Make & Model - Similar to many products, solar panels come in a variety of makes and models. The potential system preferences of your contractor mean that it is it's even more vital to select a recommended company. The employment of superior materials is likely to result in a more favorable long-term experience for buyers.
Solar Panel Type - Monocrystalline panels have secured their spot as the industry standard, and for valid reasons. Even with a higher cost, this technology yield more energy. Most installers opt for panels constructed using this material.
Your Property - Each property and home has its own unique features. Irregular terrain, trees, or additional hindrances may add to the difficulty of the installation. These days, satellite images enable many solar installers to assess your home and include these elements into the preliminary cost estimate.
Labor Rates - The varying wages that companies offer their employees lead to costs that are ultimately borne by consumers. Businesses paying more to their employees typically receive higher reviews for their services and customer service.
Permitting & Interconnection - Regional differences in permitting and utility interconnection fees will affect your installation cost. Quality local installers will integrate these numbers into your preliminary quotes to avoid any surprises.
See what solar panels cost in other Fayette County cities
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Fayette County, IN Solar Panel Cost FAQs
As of November, 2024, the average cost for solar panels in Fayette County, IN is $4.15/W. In Fayette County, IN, the cost of installing a 5 kW solar panel system is approximately $14,525 after applying the federal tax credit.
In Indiana, you have access to 6 rebates and incentives provided by numerous utilities and government organizations. In addition, the 30% federal income tax credit is available to almost everyone.
Although paying in cash offers the most savings, numerous financing options for solar panels now exist that are cost-effective. Many installers have financing partners and will provide this information in your initial quotes.
Yes, homeowners in Fayette County, IN can expect 5 kW solar panels to pay off in 7 years, with an estimated $29,162.2 in electricity savings during a 20-year span.
Savings from 
Environmental Impacts 
