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

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

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

For the month of October, 2024, the price per watt of solar panels in Munster, IN is $4.09/W, on average.

For every 1000 watts (1 kW) your solar system can generate, you will have to spend, on average, $4,090 for installation. We are able to come to this conclusion in accordance with this rate price cost per watt. A 5 kW solar panel install in Munster will typically cost you $14,315 after applying the 30% federal tax credit. Your electricity use habits might need a bigger system.

To the left, you have the option to select your county and view the average roof size along with the average maximum capacity for solar panels in homes in your area. Outlined below are the costs, 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.
Munster: $14,315US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Munster: 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.
Munster: $8,182US Average: $15,784

Solar Potential in Munster

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

Roof size 572sq. ft.
Capacity 8kW DC
Electricity 8.8kkWh AC per yr.

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

For Munster energy consumers, the average electric bill is $119.30 per month, with a usage of 654 kWh. Small residences, including duplexes, are also encompassed in the statistics cited in the previous sentence.

As of October 2024, the mean rate for electricity per kWh in Munster, IN is 18.25¢.

If you’re a typical energy user in Munster, you will need a solar system sized at 6 kW or more to meet your electricity needs. At the moment, a 6 kW solar panel installation is priced at $24,540, but with a 30% tax credit, it is reduced to $17,178

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Average solar panel costs by system size in Munster

On the left and below, you can see the cost breakdown for different sizes of the solar panel systems set up in Munster. A bigger solar array will expectedly cost more, but it will also yield more significant electricity savings and increased income tax credits.

Using the solar panel cost calculator situated below and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $119.30 in Munster. To get results more personalized, change the $119.30 to match your average electricity bill.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $532 a year
Est. Price
$5,726
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 3.44 tons a year
  • Equivalent to planting 158 trees a year
  • Equivalent to driving 8,509 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $799 a year
Est. Price
$8,589
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 5.16 tons a year
  • Equivalent to planting 237 trees a year
  • Equivalent to driving 12,763 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$11,452
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 6.88 tons a year
  • Equivalent to planting 316 trees a year
  • Equivalent to driving 17,017 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$14,315
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 8.59 tons a year
  • Equivalent to planting 395 trees a year
  • Equivalent to driving 21,272 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,597 a year
Est. Price
$17,178
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 9.22 tons a year
  • Equivalent to planting 423 trees a year
  • Equivalent to driving 22,821 mi less a year

Munster Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and agricultural enterprises, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. Curious about your eligibility? Use our REAP Grant eligibility tool to check.

A 30% federal tax credit is offered to most homeowners for residential solar installations, which renders solar energy a feasible choice in various regions in the United States. In addition to the federal incentives, state and local programs also seek to boost solar energy uptake.

A number of utilities and governmental bodies in Indiana provide 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're expecting to live in your home past the solar system's payback period, solar panels are a smart decision in Munster. A 5 kW solar system in Munster, IN could potentially save you $14,317 over the course of 20 years, with the break even point typically at 10 years.

The cost of not having solar panels in Munster, IN

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and are wholly reliant on your electric utility for electricity. The news has recently pointed out that full reliance on your utility is not always ideal.

Annually, the average number of outages per customer in Munster is about 0.95. Usually, outages have an average duration of 143 minutes. However, during critical events like equipment failure, landslides or planned maintenance, these times can extend dramatically.

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

Power Outages

Currently, 0 customers are being tracked in Lake County.

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Customers Out:

0

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

Your Energy Needs - While the upfront cost is higher, the price per watt declines with larger solar panel systems. Numerous people find it useful to set up a solar energy system that can replace their entire electric bill. This leads to maximum savings.

Make & Model - Like many other products, there are various makes and models of solar panels available. The installer you select may have specific system preferences, so it's crucial to pick a reputable contractor. Buyers who choose better equipment typically enjoy a better long-term experience.

Solar Panel Type - There's a good reason why monocrystalline panels are now the industry standard. These panels are more costly, yet they generate more energy. The majority of installers usually utilize panels crafted of this material.

Your Property - Every property and home is distinct. Trees, uneven ground, or additional challenges can make the installation more difficult. Many solar installers now are able to utilize satellite imagery to assess your home and factor in these elements in the first cost estimate.

Labor Rates - The wages that companies pay their employees are different, and these expenses are ultimately passed on in consumer prices. It is frequent for businesses that offer higher wages to get better reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be impacted by area-specific permitting and utility interconnection fees. Reliable installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other IN cities

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Who are the best solar installers in Munster?

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.

Munster, IN Solar Panel Cost FAQs

  • The average solar panel cost in Munster, IN as of October, 2024 is estimated at $4.09/W. The approximate cost of a 5 kW solar panel system in Munster, IN, after deducting federal tax credits, is $14,315.

  • Residents of Indiana can currently take advantage of 4 rebates and incentives offered by various utilities and government bodies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Although cash payments provide the greatest savings, many financing options for solar panels now exist that are also cost-effective. Installers will often include details on financing partners in the quotes they provide initially.

  • Yes, the payback period for 5 kW solar energy systems in Munster, IN averages 10 years, with electricity savings of about $14,317 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01