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

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

The average kWh usage for Merrillville residents is 654 monthly, with an average electric bill of $119.30. It is crucial to understand that this statistic encompasses the energy consumption of apartments and other compact living spaces.

For October 2024, Merrillville, IN's average electricity rate amounts to 18.25¢ per kWh.

In Merrillville, a system size of 6 kW or more is required for the average energy user to account for their full power needs. The upfront cost for a 6 kW setup is $24,540, but after a 30% tax credit, your total comes down to $17,178.

Are solar panels worth it in Indiana?

When you intend to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Merrillville. If you install a 5 kW solar system in Merrillville, IN, you might save $14,317 over 20 years on average, with a break even point at roughly 10 years.

The cost of not having solar panels in Merrillville, IN

Beyond missing out on the savings noted above, the absence of solar panels or an alternative backup energy solution leads to total dependency on your electric utility for power. As evidenced by recent news stories, full reliance on your utility company is not always ideal.

Each year, the average number of outages per customer in Merrillville is about 0.95. The average length of an outage is 143 minutes. In events like heavy rain and flooding, planned maintenance, or equipment failure, this duration can extend significantly.

Installing a solar panel system, irrespective of whether it features a backup battery, could reduce the pressure of future outages you might encounter.

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

Your Energy Needs - Though the initial cost of larger solar panel systems is larger, the price per watt diminishes as the system gets larger. It is often beneficial for consumers to set up a solar system that can produce enough electricity to offset their electric bill, which results in substantial savings.

Make & Model - Solar panels and mounting equipment, just like many other products, come in different makes and models. The installer’s preference for brand makes it essential to pick a reputable company. Better quality materials often result in a more positive long-term experience for buyers.

Solar Panel Type - There's a good reason why monocrystalline panels are now the industry standard. They have a higher price but are more efficient. Most solar panel installers use panels made of this type of material.

Your Property - Each property and home has its own characteristics. Factors like trees, uneven land, or other impediments can make the installation more challenging. With the use of satellite images, solar installers these days can evaluate your home and include these considerations into the first cost estimate.

Labor Rates - Various wages are offered to employees by various companies, and these costs are transferred to the consumers. Businesses paying more to their employees often garner higher reviews for their services and customer service.

Permitting & Interconnection - Your final installation price will be affected by the permitting and utility interconnection fees, which vary by area. Experienced local installers will include these figures in your initial estimates to guarantee transparency.