Solar Panels Cost 5.5k-16k in Michigan City, IN | October, 2024

Solar Panels Cost $5.5k-$16k in Michigan City, IN | October, 2024

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How much do solar panels cost in Michigan City, IN in 2024?

It averages out to $3.99/W to go solar in October, 2024 in Michigan City, IN.

For every 1000 watts (1 kW) your solar system can produce, you will need to spend, on average, $3,990 to have it installed. You are able to conclude this by using this rate price cost above. Typically, the cost of a 5 kW panel install in Michigan City, after you deduct 30% federal tax credit, comes to $13,965. It's vital to take into account that a higher capacity system could be needed to fully meet your energy demands.

To the left,choose your area to access information on the typical roof size and the average maximum capacity of residential solar for homes in your county. You can review the price, payback period, and 20-year average savings for a 5 kW system in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Michigan City: $13,965US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Michigan City: 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.
Michigan City: $8,682US Average: $15,784

Solar Potential in Michigan City

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

Roof size 518sq. ft.
Capacity 7.25kW DC
Electricity 7.6kkWh AC per yr.

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

Energy consumers in Michigan City usually use 654 kWh per month, with an average monthly bill of $119.30. Small residences, such as lofts and duplexes, are also encompassed in the figures mentioned in the prior sentence.

The electricity rate per kWh in Michigan City, IN for October 2024 averages 18.25¢.

To cover their full power consumption requirements of an average user in Michigan City, a solar power system of 6 kW or higher is a must. Currently, a 6 kW setup costs around $16,758 after incentives.

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Average solar panel costs by system size in Michigan City

Presented on the left, you will find a cost summary for different solar panel system sizes set up in Michigan City. Of course, with a bigger solar system, you will have a larger initial investment, but the rewards are higher electricity savings and larger income tax credits.

The solar panel cost calculator, positioned down and to the right, provides a breakdown of costs and benefits using an average $119.30 electric bill for Michigan City. Custom results can be gotten by adjusting the $119.30 to your typical bill amount.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $532 a year
Est. Price
$5,586
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 5.54 tons a year
  • Equivalent to planting 255 trees a year
  • Equivalent to driving 13,719 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $799 a year
Est. Price
$8,379
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 8.31 tons a year
  • Equivalent to planting 382 trees a year
  • Equivalent to driving 20,578 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$11,172
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 11.08 tons a year
  • Equivalent to planting 509 trees a year
  • Equivalent to driving 27,438 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$13,965
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 13.86 tons a year
  • Equivalent to planting 636 trees a year
  • Equivalent to driving 34,297 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,597 a year
Est. Price
$16,758
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 14.86 tons a year
  • Equivalent to planting 683 trees a year
  • Equivalent to driving 36,794 mi less a year

Michigan City Solar Panel Installation Incentives & Rebates | 2024

The financial burden of installing solar or wind turbines for rural agricultural enterprises and small businesses could be eased with the REAP Grant, covering 80% to 100% of the costs. Wondering if you fall into this category? Check your eligibility with our REAP Grant eligibility tool.

Homeowners can benefit from a 30% federal income tax credit for setting up residential solar panels, which makes solar power a feasible option throughout much of the country. Moreover, a number of state and local programs are available to promote solar adoption.

Indiana provides 4 solar rebates and incentives from various utility companies and government departments.

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?

For those in Michigan City intending to stay in their homes past the payback period of their solar system, solar panels make good sense. By installing a 5 kW solar system in Michigan City, IN, you can expect to save around $14,667 over 20 years, with the break even point usually being 10 years.

The cost of not having solar panels in Michigan City, IN

Skipping solar panels or an alternative backup energy source results in you'll miss out on the savings highlighted before and be completely dependent on your electric utility for power. As recent news articles have shown, full dependence on your utility provider is not always ideal.

On average, customers in Michigan City have experienced 0.95 utility outages per year over the past few years. Typically, outages have an average duration of 143 minutes. However, during significant events such as equipment failure, hurricanes or wildlife damage, these times can drastically increase.

Whether equipped with a backup battery or not, a solar panel system can reduce the strain of potential future outages.

Power Outages

Currently, 0 customers are being tracked in LaPorte County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Michigan City, IN?

Your Energy Needs - The upfront cost for larger solar panel systems is larger, but the cost per watt reduces as the system size expands. Many consumers realize it's a good idea to set up a solar system that can make enough power to offset their electric bill, because it helps them achieve greater savings.

Make & Model - There are a range of makes and models of solar panels and mounting equipment. Since your contractor may prefer particular brands, it's crucial to select a highly rated company. Choosing better quality materials can yield a much better long-term experience for the buyer.

Solar Panel Type - For several valid reasons, monocrystalline panels are now the industry standard. They come with a higher price, but they provide more energy. Most solar panel installers opt for this type of material.

Your Property - Each home and property is unique in its own way. Uneven land, trees, or additional considerations may complicate the installation. Today, the majority of solar installers can assess your home with satellite images and factor in these considerations in the preliminary cost estimate.

Labor Rates - Companies provide varying pay rates to their employees, which are then shown in the prices consumers pay. Businesses tend to receive higher reviews for their services and customer service when they pay better wages.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by area, will influence your installation cost. That said, reputable local installers will be able to incorporate these numbers into your first quotes so there are no surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Michigan City?

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.

Michigan City, IN Solar Panel Cost FAQs

  • As recorded in October, 2024, the standard cost for solar panel installations in Michigan City, IN is $3.99/W. Installing a 5 kW solar panel system in Michigan City, IN will cost approximately $13,965 after applying the federal tax credit.

  • Currently, Indiana residents can benefit from 4 rebates and incentives available through various utilities and government bodies. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Paying cash offers the most savings, but there are now numerous financing options for solar panels that are also advantageous. Initial quotes from installers will frequently include information about available financing options.

  • Yes, the typical duration for 5 kW solar panel systems to pay back their cost in Michigan City, IN is 10 years, with electricity savings estimated at $14,667 over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01