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

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

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How much do solar panels cost in New Albany, IN in 2024?

You'll pay around $4.05/W to go solar in New Albany, IN in October, 2024.

In accordance with the cost per watt, we are able to conclude that for every 1 kW (1000 watts) your solar panels can generate, you will have to spend $4,050 for its installation. With a 30% federal tax credit, the typical cost for a 5 kW solar panel system in New Albany is about $14,175. It's worth noting that a more powerful system might be necessary to fully meet your energy requirements.

To the left, you can select your county to find the typical roof size and average maximum capacity for solar panels on homes in your area. Outlined below are the costs, 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.
New Albany: $14,175US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
New Albany: 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.
New Albany: $9,215US Average: $15,784

Solar Potential in New Albany

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

Roof size 787sq. ft.
Capacity 11kW DC
Electricity 12.9kkWh AC per yr.

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

For New Albany energy consumers, the average electric bill is $122.77 per month, with a usage of 946 kWh. This statistic also covers data from apartments and other smaller living spaces with less energy needs.

The electricity rate per kWh in New Albany, IN for October 2024 is on average 12.98¢.

To meet all of their electricity requirements of a typical user in New Albany, a solar power system of 8 kW or more is a must. At this time, an 8 kW solar panel installation costs $22,680 when including the 30% federal income tax credit.

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Average solar panel costs by system size in New Albany

Presented below and to the left, you will see a detailed price breakdown for multiple solar panel system sizes installed in New Albany. More extensive solar installations come with a larger expense, yet they also provide higher electricity savings and larger income tax credits.

In the calculator found down and to the right, you will find a breakdown of solar panel costs and benefits, calculated with an average $122.77 electric bill for New Albany. Simply change the $122.77 to your average electricity bill for customized results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,340
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 4.76 tons a year
  • Equivalent to planting 219 trees a year
  • Equivalent to driving 11,792 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$14,175
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 5.95 tons a year
  • Equivalent to planting 274 trees a year
  • Equivalent to driving 14,740 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$17,010
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 7.15 tons a year
  • Equivalent to planting 328 trees a year
  • Equivalent to driving 17,688 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$19,845
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 8.34 tons a year
  • Equivalent to planting 383 trees a year
  • Equivalent to driving 20,636 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$22,680
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $123
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 9.14 tons a year
  • Equivalent to planting 420 trees a year
  • Equivalent to driving 22,631 mi less a year

New Albany Solar Panel Installation Incentives & Rebates | 2024

For rural agricultural enterprises and small businesses, the REAP Grant might currently cover between 80% and 100% of the expenses for installing photovoltaic or wind energy systems. Wondering about your eligibility? Use our REAP Grant eligibility tool to find out.

For residential solar projects, most people are eligible for the 30% federal income tax credit, which makes solar a practical solution in various parts of the country. State and local efforts are also in place to enhance the growth of solar energy use.

Indiana has 4 solar rebate and incentive initiatives offered by various utilities and government organizations.

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 homeowners in New Albany looking to stay beyond the payback period of their solar system, solar panels are the best choice. A 5 kW solar system in New Albany, IN might save you an average of $15,289.8 over 20 years, with the break even point typically being 10 years.

The cost of not having solar panels in New Albany, IN

In addition to forgoing the savings outlined above, not installing solar panels or an alternative backup energy source results in total reliance on your electric utility for electricity. As recent examples in the news have shown, total dependence on your utility provider isn't always the best idea.

Annually, the average number of outages per customer in New Albany is about 0.95. On average, an outage lasts 120.14 minutes. When major events such as vandalism, overloaded power grids or tornadoes occur, these durations can increase significantly

Having a solar panel system, regardless of whether it has a backup battery, could relieve the pressure of future outages you might face.

Power Outages

Currently, 0 customers are being tracked in Floyd County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in New Albany, IN?

Your Energy Needs - Larger solar panel systems require more upfront investment, but the cost per watt decreases as the size of the system grows. Setting up a solar panel system that can replace the electric bill is beneficial to individuals because of the savings gained.

Make & Model - There are a range of makes and models of solar panels. The preferences for brand that your contractor has may make it crucial to select a recommended contractor. For consumers seeking a better long-term experience, opting for higher quality materials is important.

Solar Panel Type - It's obvious why monocrystalline panels are now the standard in the industry. They are more expensive but provide more energy. Most professionals in solar installation use panels made from this material.

Your Property - Each home and property is unique in its own way. Uneven landscapes, trees, or other challenges may complicate the installation. Using satellite imagery, solar installers can currently assess your home and include these factors into the preliminary cost estimate.

Labor Rates - The different employee wages offered by companies result in costs that consumers eventually paying . Higher reviews for services and customer service are generally associated with businesses that pay higher wages.

Permitting & Interconnection - The cost of installation will be influenced by varying local permitting and utility interconnection fees. Reliable local installers will build these figures into your initial estimates to eliminate any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in New Albany?

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

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

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

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

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

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

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.

New Albany, IN Solar Panel Cost FAQs

  • The average solar panel cost in New Albany, IN as of October, 2024 is estimated at $4.05/W. The installation of a 5 kW solar panel system in New Albany, IN will cost about $14,175 after federal tax credits.

  • Indiana offers 4 different rebates and incentives from a range of utilities and government organizations. Furthermore, almost all individuals are entitled to the 30% federal income tax credit.

  • Opting for cash payments yields the highest savings, but there are now various financing options for solar panels that are beneficial. Installers will often provide details on financing partners in the quotes they provide initially.

  • Yes, in New Albany, IN, the average time for 5 kW solar panel systems to pay for themselves is 10 years, leading to electricity savings of $15,289.8 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01