Solar Panels Cost $16k-$27k in Hendricks County, IN | November, 2024
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How much do solar panels cost in Hendricks County, IN in 2024?
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Getting solar panels installed averages out to $3.93/W in the month of November, 2024 in Hendricks County, IN.
It will cost you $3,930, on average, for every 1000 watts (1 kW) your panels is able to produce. A 5 kW solar system in Hendricks County is typically around $13,755 after accounting for the 30% federal income tax credit. Note that a larger system could be required to ensure your energy demands are met.
Use the left-hand menu to select your area and view the typical roof size and the maximum capacity for solar panels on homes in your county. Below, you can see an outline 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.
Hendricks County: $13,755US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Hendricks 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.
Hendricks County: $19,676US Average: $16,169
Solar Potential in Hendricks County
Estimated system size and solar electricity production per median viable roof in Hendricks County.
Roof size 894sq. ft.
Capacity 12.5kW DC
Electricity 14.5kkWh AC per yr.
Electricity Costs in Hendricks County, IN & What that Means for Your Solar Panel Pricing
The average monthly electricity cost for a Hendricks County consumer is 163.86, with a typical usage of 1,180 kWh. Bear in mind that this number encompasses data from apartments and smaller living spaces with lower energy needs.
The electricity rate per kWh in Hendricks County, IN for November 2024 averages 13.88¢.
You'll spend $27,510 on a 10 kW setup after including the 30% federal income tax credit in your calculations.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Hendricks County
Presented below and to the left, you will see a thorough price breakdown for multiple solar panel system sizes set up in Hendricks County. When you select a larger solar system, the cost is larger, but it also results in more significant electricity savings and a greater income tax credit.
The solar panel calculator, located below and to the right, provides a detailed cost and benefit analysis based on a typical $163.86 electric bill for Hendricks County. Swap the $163.86 with your usual 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 $1,242 a year
Est. Price
$16,506
Savings from a 6kWthis system
Est. yearly production 8,874 kWh
Est. monthly savings $104
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 5.82 tons a year
Equivalent to planting 267 trees a year
Equivalent to driving 14,409 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,449 a year
Est. Price
$19,257
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $121
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 6.79 tons a year
Equivalent to planting 312 trees a year
Equivalent to driving 16,811 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,656 a year
Est. Price
$22,008
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $138
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 7.76 tons a year
Equivalent to planting 356 trees a year
Equivalent to driving 19,212 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,864 a year
Est. Price
$24,759
Savings from a 9kWthis system
Est. yearly production 13,311 kWh
Est. monthly savings $155
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 8.73 tons a year
Equivalent to planting 401 trees a year
Equivalent to driving 21,614 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,071 a year
Est. Price
$27,510
Savings from a 10kWthis system
Est. yearly production 14,790 kWh
Est. monthly savings $164
Full payback in 14 years
Environmental Impacts
Reduces CO2 emissions by 9.22 tons a year
Equivalent to planting 424 trees a year
Equivalent to driving 22,825 mi less a year
Hendricks County Solar Panel Installation Incentives & Rebates | 2024
With the REAP Grant, up to 100% and no less than 80% of the installation costs for solar or wind turbines may be covered for rural small business owners and farmers. Curious if you fall into this category? Verify your eligibility with our REAP Grant eligibility tool.
Most homeowners can benefit from the federal 30% income tax credit for solar panels, which renders installing solar energy a logical choice in several regions of the U.S. Besides this, numerous state and local programs aim to further encourage the adoption of solar power.
Indiana features 6 solar rebate and incentive initiatives offered by multiple utilities and government bodies.
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 Hendricks County, IN?
If you plan to own your residence longer than the solar system's payback period, solar panels are a wise investment in Hendricks County. Having a 5 kW solar system in Hendricks County, IN can potentially save you around $25,571.4 over a span of 20 years, with an average break even point of 7 years.
The cost of not having solar panels in Hendricks County, IN
Failing to install solar panels or an alternative backup energy results in missing the savings mentioned earlier and being entirely reliant on your electric utility for electricity. The media has demonstrated several cases where full reliance on your utility is not always ideal.
Yearly, customers in Hendricks County face about 0.93 outages. The average duration of each outage is 92.81 minutes. During severe events like wildfires, vandalism, or aging infrastructure, these times can grow significantly longer.
Take a look at the info below to see the number of current electricity customers without power in Hendricks County.
A solar panel system, whether it has a backup battery or not, could reduce the impact of future power outages you might experience.
Power Outages
Currently, 0 customers are being tracked in Hendricks County.
What impacts the cost of solar panels in Hendricks County, IN?
Your Energy Needs - Even if the initial expense is larger, the price per watt drops with larger solar panel systems. For most homeowners, setting up a system that can make enough power to eliminate their entire electric bill is useful, providing significant savings.
Make & Model - Just like many products, solar panels come in a wide variety of makes and models. It's essential to pick a highly rated installer, given the brand preferences that installers may have. Higher grade makes and models typically result in an better long-term experience for the buyer.
Solar Panel Type - The standard in the industry is now monocrystalline panels, and rightly so. These panels are more expensive, yet they generate more energy. Many installers tend to work with panels constructed from this material.
Your Property - Each property and home has its own characteristics. Factors like trees, sloping terrain, or additional considerations can make the installation more challenging. Nowadays, most solar installers are able to leverage satellite images to evaluate your home and incorporate these factors for the preliminary cost estimate.
Labor Rates - Different companies offer different wages to their employees, and these costs are eventually passed on to the consumers. Businesses paying more to their employees typically garner higher reviews for their work and customer service.
Permitting & Interconnection - Local permitting and utility level interconnection fees change by area and will influence your final install price. Good local installers will build these figures into your preliminary estimates to avoid any surprises.
See what solar panels cost in other Hendricks County cities
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Hendricks County, IN Solar Panel Cost FAQs
As recorded in November, 2024, the standard cost for solar panel installations in Hendricks County, IN is $3.93/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Hendricks County, IN is roughly $13,755.
Homeowners in Indiana can take advantage of 6 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 paying in cash provides the most savings, numerous financing options for solar panels now exist that are financially sensible. Many installers will detail information about their financing partners in the initial quotes they provide.
Yes, in Hendricks County, IN, 5 kW solar panel systems typically pay off in 7 years, and users save around $25,571.4 in electricity costs over 20 years.
Savings from 
Environmental Impacts 
