Solar Panels Cost 5.8k-17k in Goshen, IN | October, 2024

Solar Panels Cost $5.8k-$17k in Goshen, IN | October, 2024

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

To get solar panels installed averages out to $4.16 per watt in the month of October, 2024 in Goshen, IN.

It will cost $4,160, on average, per 1K (or 1000 watts) of capacity that your solar panels have. After receiving the 30% federal tax credit, you will pay approximately $14,560 for a 5 kW solar panel install in Goshen. Please consider, a 5kW system may not be sufficient to ensure your energy requirements are met.

On the left, choose a county to view the average roof size and the maximum production capacity for solar panels on houses in your area. Below, you'll see a full overview of 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.
Goshen: $14,560US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Goshen: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Goshen: $7,914US Average: $15,784

Solar Potential in Goshen

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

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

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

The typical monthly kWh used in Goshen is 658, resulting in an average electric bill of around $119.64. These statistics encompass apartments and other smaller homes with typically lower energy consumption.

The electricity rate per kWh in Goshen, IN for October 2024 is 18.19¢.

To take care of the electricity needs of an average consumer in Goshen, a solar system of 6 kW or higher is necessary. You'll spend $17,472 on a 6 kW solar panel installation after taking the 30% federal income tax credit into consideration.

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Average solar panel costs by system size in Goshen

Below and to the left, the cost breakdown for different sizes of solar panel systems installed in Goshen can be seen. More extensive solar installations come with a higher price, yet they also yield greater electricity savings and larger income tax credits.

See a cost benefit analysis in the solar panel cost calculator to the right and below, for an average electric bill of $119.64 in Goshen. Change the $119.64 to align with your usual electricity bill payment for personalized results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $532 a year
Est. Price
$5,824
Savings from a 2kWthis system
  • Est. yearly production 2,958 kWh
  • Est. monthly savings $44
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 3.38 tons a year
  • Equivalent to planting 155 trees a year
  • Equivalent to driving 8,368 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $799 a year
Est. Price
$8,736
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $67
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 5.07 tons a year
  • Equivalent to planting 233 trees a year
  • Equivalent to driving 12,552 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$11,648
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $89
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 6.76 tons a year
  • Equivalent to planting 311 trees a year
  • Equivalent to driving 16,736 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$14,560
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $111
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 8.45 tons a year
  • Equivalent to planting 388 trees a year
  • Equivalent to driving 20,919 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,597 a year
Est. Price
$17,472
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $120
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 9.14 tons a year
  • Equivalent to planting 420 trees a year
  • Equivalent to driving 22,631 mi less a year

Goshen Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can potentially cover between 80% and 100% of the installation costs for photovoltaic or wind turbines for rural small businesses and farms. If you think you might be eligible, try our REAP Grant eligibility tool to verify your qualification.

Most people are eligible for the 30% federal income tax credit for residential solar, which makes it a practical investment in various areas of the country. Furthermore, several state and local efforts are in place to further encourage the adoption of solar energy.

Indiana has 4 solar rebate and incentive initiatives available from a number of 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?

If you intend to live in your home beyond the time it takes to recoup your solar investment, installing solar panels in Goshen is an smart decision. Installing a 5 kW solar system in Goshen, IN will, on average, save you $14,153.6 over 20 years, and you can expect to break even in about 10 years.

The cost of not having solar panels in Goshen, IN

In addition to missing out on the savings mentioned above, not having solar panels or an alternative backup energy source results in total reliance on your electric utility for electricity. Recent news reports have shown that complete dependence on your utility isn't always the best option.

On a yearly basis, the average number of outages per customer in Goshen has been 1.14. Each outage lasts an average of 201.53 minutes. In the case of major events such as wildlife damage, equipment failure or lightning strikes, this period can increase substantially.

A solar energy system, regardless of whether it has a backup battery or not, can relieve the strain of future power outages you may encounter.

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 Goshen, IN?

Your Energy Needs - Larger solar panel setups come with a larger price tag, yet the cost per watt decreases as the size of the system expands. It is often advantageous for consumers to install a solar system that can produce enough electricity to fully cover their electric bill, which leads to significant savings.

Make & Model - Just like other products, solar panels and mounting equipment come in a variety of makes and models. Because the installer you select might have specific brand preferences, picking a recommended company is especially important. Investing in superior quality materials can result in a much better long-term experience for the buyer.

Solar Panel Type - It's understandable that monocrystalline panels are now the industry standard. These panels are more expensive, yet they generate more energy. Most installers often utilize panels crafted from this material.

Your Property - Every home and property is unique. Sloping terrain, trees, or v can increase the complexity of the installation. These days, most solar installers can assess your home using satellite images and include these considerations for the preliminary cost estimate.

Labor Rates - The wages that companies offer their employees differ, and these costs are ultimately shown in consumer prices. Reviews for services and customer service are often higher for businesses that pay higher wages.

Permitting & Interconnection - The cost of installation will be influenced by varying local permitting and utility interconnection fees. Reputable local installers will incorporate these numbers into your initial quotes to prevent any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Goshen?

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.

Goshen, IN Solar Panel Cost FAQs

  • As recorded in October, 2024, the standard cost for solar panel installations in Goshen, IN is $4.16/W. In Goshen, IN, installing a 5 kW solar panel system will set you back approximately $14,560 after federal tax incentives.

  • In Indiana, you have access to 4 rebates and incentives provided by numerous utilities and government organizations. In addition, the 30% federal income tax credit is available to almost everyone.

  • Even though cash payments offer the greatest savings, numerous financing options for solar panels today are also advantageous. Installers often have partnerships with financing companies and will provide this information in your initial quotes.

  • Yes, homeowners in Goshen, IN can expect 5 kW solar panels to pay off in 10 years, with an estimated $14,153.6 in electricity savings during a 20-year span.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01