Solar Panels Cost 11k-22k in Lawrence, IN | October, 2024

Solar Panels Cost $11k-$22k in Lawrence, IN | October, 2024

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

As of October, 2024, the current price to go solar in Lawrence, IN is $3.93 per watt.

Utilizing the cost, you can conclude that for every 1 kW (1000 watts) your solar system can generate you will need to invest $3,930 to have your solar system installed. When you consider the 30% federal tax credit, you will pay about $13,755 for a 5 kW solar panel install in Lawrence. It's vital to realize that a bigger system might be needed to fully meet your energy needs.

Use the left-hand menu to select your area and find the typical roof size and the maximum production capacity for solar panels on homes in your county. Below is a breakdown of the price, 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.
Lawrence: $13,755US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Lawrence: 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.
Lawrence: $8,413US Average: $15,784

Solar Potential in Lawrence

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

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 11kkWh AC per yr.

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

The average electricity bill in Lawrence, for a usage of 897 kWh per month, is $116.93. Small homes, including micro-apartments, are also included in the statistics cited in the previous sentence.

As of October 2024, the mean rate for electricity per kWh in Lawrence, IN amounts to 13.04¢.

To take care of the electricity requirements of an average user in Lawrence, a solar panel system of 8 kW or higher is a must. The estimated cost for an 8 kW solar panel installation is $31,440 before incentives, but with a 30% federal tax credit, it drops to $22,008.

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Average solar panel costs by system size in Lawrence

Displayed on the left side, you'll see a thorough cost summary of the multiple sizes of solar panel systems installed in Lawrence. Of course, a larger solar system means a higher initial expense, but it also translates to greater electricity savings and higher income tax credits.

Check a cost benefit analysis in the solar panel cost calculator below and to the right, for an average electric bill of $116.93 in Lawrence. Personalized results can be obtained by changing the $116.93 to your typical bill amount.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,004
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $64
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5.01 tons a year
  • Equivalent to planting 230 trees a year
  • Equivalent to driving 12,396 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$13,755
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $80
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 6.26 tons a year
  • Equivalent to planting 288 trees a year
  • Equivalent to driving 15,495 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$16,506
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $96
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 7.51 tons a year
  • Equivalent to planting 345 trees a year
  • Equivalent to driving 18,594 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$19,257
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 8.76 tons a year
  • Equivalent to planting 403 trees a year
  • Equivalent to driving 21,693 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$22,008
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $117
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 9.14 tons a year
  • Equivalent to planting 420 trees a year
  • Equivalent to driving 22,630 mi less a year

Lawrence 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 photovoltaic or wind energy systems. To see if you qualify, use our REAP Grant eligibility tool.

For residential solar projects, most people are eligible for the 30% federal income tax credit, making solar a sensible solution in many parts of the country. Moreover, several state and local efforts are in place to further encourage the adoption of solar energy.

In Indiana, different utilities and government bodies offer 4 solar rebate and incentive programs.

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 plan living in your home longer than the solar system's payback period, installing solar panels is an smart decision in Lawrence. By installing a 5 kW solar system in Lawrence, IN, you can expect to save around $14,308.2 over 20 years, with the break even point usually being 10 years.

The cost of not having solar panels in Lawrence, IN

If you don't install solar panels or an alternative backup power source, you miss out on the previously mentioned savings and your household is entirely dependent on your electric utility for electricity. Complete dependence on your utility is not always ideal, as several recent news reports have illustrated.

Each year, customers in Lawrence experience about 1.24 outages. On average, an outage lasts 111.58 minutes. When major events such as planned maintenance, aging infrastructure or tornadoes occur, these durations can increase significantly

Whether equipped with a backup battery or not, a solar panel system can help alleviate the stress of possible future outages.

Power Outages

Currently, 0 customers are being tracked in Marion County.

Learn more

Customers Out:

0

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

Your Energy Needs - The cost per watt is lower with larger solar panel systems, even though the initial cost is larger. Consumers often realize that installing a solar system to offset their electric bill is a good move, leading to the most savings.

Make & Model - There are a variety of makes and models of solar panels and mounting equipment. Because the installer you choose might have specific system preferences, selecting a highly rated installer is especially important. Superior materials generally provide an improved long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels are broadly acknowledged as the standard in the industry, and for good cause. Although the cost is higher, they deliver more energy. The majority of installers use these kinds of panels.

Your Property - Uneven ground, trees, or additional obstacles can increase the difficulty of the installation. Solar installers now have the ability to use satellite images to assess your home and include these elements in the preliminary cost estimate.

Labor Rates - Variations in employee wages across companies result in expenses that are passed on to the consumers. Businesses paying higher wages often garner better reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which change by area, will impact your installation cost. Good local installers will incorporate these figures into your initial estimates to prevent any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Lawrence?

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.

Lawrence, IN Solar Panel Cost FAQs

  • In October, 2024, the average cost of solar panels per watt in Lawrence, IN is $3.93/W. The installation of a 5 kW solar panel system in Lawrence, IN will cost about $13,755 after federal tax credits.

  • Indiana offers 4 different rebates and incentives from a range of utilities and government organizations. In addition, nearly all people are eligible for the 30%federal tax credit.

  • Even though cash payments yield the greatest savings, numerous financing options for solar panels today are also advantageous. Financing options are often provided by installers and may be specified in your initial quotes.

  • Yes, in Lawrence, IN, the average payback period for 5 kW solar panels is 10 years, resulting in average electricity savings of $14,308.2 over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01