Solar Panels Cost 5.7k-17k in Hammond, IN | October, 2024

Solar Panels Cost $5.7k-$17k in Hammond, IN | October, 2024

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

In Hammond, IN, the price per watt of solar panel systems is about $4.09 per watt in October, 2024.

As a result of the cost per watt, we are able to conclude that for every 1 kW (1000 watts) of solar power capacity will cost you $4,090 for installation. In Hammond, you will spend about $14,315 for a 5 kW solar panel install after factoring in the 30% federal income tax credit. It should be noted that a more powerful system could be necessary to ensure your energy requirements are met.

To the left, you can select your county to view the typical roof size and average maximum capacity for residential solar on homes in your area. Find below a complete overview of the {price|costs, payback period, and 20-year typical 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.
Hammond: $14,315US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Hammond: 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.
Hammond: $8,182US Average: $15,784

Solar Potential in Hammond

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

Roof size 572sq. ft.
Capacity 8kW DC
Electricity 8.8kkWh AC per yr.

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

The typical electricity cost for Hammond consumers is $119.30 per month, with a usage of 654 kWh. Small homes, including micro-apartments, are also covered in the data cited in the {previous|prior sentence.

For October 2024, the mean electricity rate in Hammond, IN amounts to 18.25¢ per kWh.

In Hammond, an average energy user's needs should be fully covered by a solar panel system with a production capacity of at least 6 kW. Initially, a 6 kW solar panel installation will cost you $24,540, but after a 30% tax credit, the final price is $17,178.

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Average solar panel costs by system size in Hammond

Presented below and to the left, is a thorough pricing structure for various solar panel system sizes installed in Hammond. Larger solar installations come with a greater cost, yet they also provide greater electricity savings and larger income tax credits.

The solar panel cost calculator, positioned below and to the right, provides a breakdown of costs and benefits using an average $119.30 electric bill for Hammond. Alter the $119.30 to fit your usual bill payment for customized outcomes.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $532 a year
Est. Price
$5,726
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 3.41 tons a year
  • Equivalent to planting 157 trees a year
  • Equivalent to driving 8,438 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $799 a year
Est. Price
$8,589
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 5.11 tons a year
  • Equivalent to planting 235 trees a year
  • Equivalent to driving 12,657 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$11,452
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 6.82 tons a year
  • Equivalent to planting 313 trees a year
  • Equivalent to driving 16,876 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$14,315
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 8.52 tons a year
  • Equivalent to planting 391 trees a year
  • Equivalent to driving 21,095 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,597 a year
Est. Price
$17,178
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $119
  • 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

Hammond Solar Panel Installation Incentives & Rebates | 2024

Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar or wind energy systems. If you think you might be in this category, we suggest checking your qualification with our REAP Grant eligibility tool.

A 30% federal tax credit is available to most homeowners for residential solar installations, which helps make solar energy a feasible choice in numerous regions across the United States. Furthermore, several state and local programs are in place to further drive the adoption of solar energy.

In Indiana, 4 solar rebates and incentives are currently offered from different 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 expect to live in your home beyond the time it takes to recoup your solar investment, installing solar panels in Hammond is an good decision. Installing a 5 kW solar system in Hammond, IN will, on average, save you $14,317 over 20 years, and you can expect to break even in about 10 years.

The cost of not having solar panels in Hammond, IN

The absence of solar panels or an alternative energy backup means that you forgo the savings mentioned earlier and depend on your electric utility for electricity. Complete dependence on your utility company isn't always the best condition, as recent media examples have demonstrated.

Throughout Hammond, there are about 0.77 outages per customer annually. Each outage lasts an average of 96 minutes. In the case of major events such as landslides, equipment failure, or planned maintenance, this period can increase substantially.

A solar energy system, with or without a backup battery, could reduce the effects of any future power interruptions you might experience.

Power Outages

Currently, 0 customers are being tracked in Lake County.

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Customers Out:

0

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

Your Energy Needs - The cost per watt is decreased with larger solar panel systems, even though the initial cost is higher. Many consumers realize it's a smart idea to install a solar system that can generate enough power to replace their electric bill, because it helps them save more money.

Make & Model - There are numerous brands and models of solar panels. Your installer’s potential brand preferences make it crucial to pick a reputable contractor. Consumers who prioritize better models typically enjoy a more favorable long-term experience.

Solar Panel Type - There are valid reasons why monocrystalline panels are now considered the industry standard. They are costlier but produce more energy. The majority of professionals in solar installation work with panels made from this material.

Your Property - Irregular terrain, trees, or other challenges can increase the complexity of the installation. These days, the many solar installers can evaluate your home with satellite images and include these elements in the preliminary cost estimate.

Labor Rates - Employees get varied wages from different companies, and these costs are handed down to the consumers. It is typical for companies that provide higher wages to receive better reviews for their work and customer service.

Permitting & Interconnection - Your installation cost will be affected by area-specific permitting and utility interconnection fees. Quality local installers will include these figures in your first estimates to ensure transparency.

See what solar panels cost in other IN cities

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Who are the best solar installers in Hammond?

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.

Hammond, IN Solar Panel Cost FAQs

  • The average solar panel cost in Hammond, IN as of October, 2024 is estimated at $4.09/W. A 5 kW solar panel system will cost you around $14,315 in Hammond, IN after the federal tax credit is applied.

  • If you live in Indiana, you can find 4 rebates and incentives through different utilities and government agencies. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Paying cash yields the most savings, but there are now numerous financing options for solar panels that are also advantageous. Financing options are frequently available through installers and will be included in your initial quotes.

  • Yes, homeowners in Hammond, IN generally see a payback time of 10 years for 5 kW solar panel systems, with electricity savings averaging $14,317 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01