Solar Panels Cost $18k-$28k in Hancock County, IN | November, 2024
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How much do solar panels cost in Hancock County, IN in 2024?
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Having solar panels installed in Hancock County, IN averages out to $3.71/W in the month of November, 2024.
Each 1 kW (1000 watts) of solar power capacounty will cost you $3,710 for installation. We are able to come to this conclusion in accordance with this rate price cost per watt above. After receiving the 30% federal tax credit, a 5 kW solar installation in Hancock County sets you back $12,985. It should be noted that a higher capacity system may be necessary to meet your energy demands.
To the left, you can select your county to find the typical roof size and average maximum capacity for solar panel systems on homes in your area. See below a full breakdown of the {price|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.
Hancock County: $12,985US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Hancock County: 6 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Hancock County: $26,330US Average: $16,169
Solar Potential in Hancock County
Estimated system size and solar electricity production per median viable roof in Hancock County.
Roof size 1,037sq. ft.
Capacity 14.5kW DC
Electricity 16.8kkWh AC per yr.
Electricity Costs in Hancock County, IN & What that Means for Your Solar Panel Pricing
Hancock County residents typically have an average monthly electric bill of 187.00 per month, with a average usage of 1,250 kWh. Smaller homes, such as micro-apartments, are also included in the data mentioned in the earlier sentence.
In November 2024, the electricity rate in Hancock County, IN averages 14.95¢ per kWh.
The anticipated cost for an 11 kW solar system will be $40,810 initially, but with a 30% federal tax credit, it drops to $28,567.
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Average solar panel costs by system size in Hancock County
Displayed on the left, you will find a cost summary for multiple solar panel system sizes installed in Hancock County. With larger solar systems, the price increases, but so do the electricity savings and the income tax credits you can get.
The solar panel cost calculator, positioned below and to the right, provides a cost-benefit analysis using an average $187.00 electric bill for Hancock County. To achieve custom results, adjust the $187.00 to match your usual electricity payment.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,553 a year
Est. Price
$18,179
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $129
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 6.37 tons a year
Equivalent to planting 292 trees a year
Equivalent to driving 15,760 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,775 a year
Est. Price
$20,776
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $148
Full payback in 9 years
Environmental Impacts
Reduces CO2 emissions by 7.28 tons a year
Equivalent to planting 334 trees a year
Equivalent to driving 18,011 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,997 a year
Est. Price
$23,373
Savings from a 9kWthis system
Est. yearly production 13,311 kWh
Est. monthly savings $166
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 8.19 tons a year
Equivalent to planting 376 trees a year
Equivalent to driving 20,263 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,218 a year
Est. Price
$25,970
Savings from a 10kWthis system
Est. yearly production 14,790 kWh
Est. monthly savings $185
Full payback in 12 years
Environmental Impacts
Reduces CO2 emissions by 9.1 tons a year
Equivalent to planting 418 trees a year
Equivalent to driving 22,514 mi less a year
System Size 11kW
Roof Size Min. space required
787 ft²
Electricity Value Annual Production $2,440 a year
Est. Price
$28,567
Savings from a 11kWthis system
Est. yearly production 16,269 kWh
Est. monthly savings $187
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 9.2 tons a year
Equivalent to planting 423 trees a year
Equivalent to driving 22,773 mi less a year
Hancock County Solar Panel Installation Incentives & Rebates | 2024
Eligible rural small businesses and farms might have their photovoltaic or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. If you think you might be eligible, try our REAP Grant eligibility tool to check your qualification.
For those looking into residential solar, the 30% federal income tax credit is accessible to almost all homeowners, which makes solar a sensible option in many states. Alongside federal efforts, state and local programs help to support the use of solar power.
Residents of Indiana can access 6 solar rebate and incentive programs from a range of utilities and governmental agencies.
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 Hancock County, IN?
If you intend to own your residence longer than the solar system's payback period, solar panels are a wise investment in Hancock County. Installing a 5 kW solar system in Hancock County, IN will, on average, save you $31,895 over 20 years, and you can expect to break even in about 6 years.
The cost of not having solar panels in Hancock County, IN
Without solar panels or another energy backup source, you miss out on the savings discussed earlier and are completely dependent on your electric utility for power. Numerous recent news reports have illustrated that total reliance on your utility isn't always the best idea.
Yearly, the average number of outages per customer in Hancock County is about 0.9. On average, each outage lasts for 84.28 minutes. Major events like high winds, grid management errors, or construction accidents can considerably extend these durations.
View the info below to see the number of current electricity customers without power in Hancock County.
Having a solar panel system, with or without a backup battery, could lessen the pressure of any future outages you may encounter.
Power Outages
Currently, 0 customers are being tracked in Hancock County.
What impacts the cost of solar panels in Hancock County, IN?
Your Energy Needs - Although the initial cost is greater, the cost per watt drops with larger solar panel systems. Installing a solar panel system that can cover the electric bill is advantageous to individuals because of the reduced long-term costs.
Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. The installer you select may have specific brand preferences, so it's crucial to choose a highly rated company. Better equipment generally result in an better long-term experience for the buyer.
Solar Panel Type - Monocrystalline panels have become the industry standard, and for good reason. These panels have a higher cost but yield more energy. Most installers in the industry utilize panels made of this material.
Your Property - Each property and home has its own characteristics. Factors like sloped land, trees, or additional hurdles can make the installation more challenging. Most solar installers currently use satellite imagery to assess your home and factor in these elements into the first cost estimate.
Labor Rates - Employees receive varied wages from different companies, and these costs are handed down to the consumers. Companies typically receive higher reviews for their services and customer service when they pay higher wages.
Permitting & Interconnection - The cost of your installation will be influenced by the local permitting and utility interconnection fees, which change depending on the area. Quality local installers will integrate these figures into your first estimates to prevent any surprises.
See what solar panels cost in other Hancock County cities
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Hancock County, IN Solar Panel Cost FAQs
The cost per watt for solar panels in Hancock County, IN during November of 2024 averages $3.71/W. For a 5 kW solar panel system, the total cost in Hancock County, IN after federal tax credits is around $12,985.
Homeowners in Indiana can take advantage of 6 different rebates and incentives from a variety of utility companies and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.
Paying cash yields the most savings, but there are now several financing options for solar panels that are also financially beneficial. Many installers have partnerships with financing companies and will include this information in your initial quotes.
Yes, solar panels systems of 5 kW in Hancock County, IN typically have a payback period of 6years, with expected savings on electricity costs of $31,895 over 20 years.
Savings from 
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