Solar Panels Cost 8.3k-19k in Peru, IN | October, 2024

Solar Panels Cost $8.3k-$19k in Peru, IN | October, 2024

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

Getting solar panels in Peru, IN averages out to $3.99 per watt in the month of October, 2024.

Put another way, solar panels will cost you about $3,990 per 1 kW (or 1000 watts) of production capacity. In Peru, a 5 kW panel install sets you back, on average, $13,965 after the 30% federal income tax credit. To fulfill your energy demands, you may require more than a 5kW system.

Use the menu on the left to pick your county and determine the average roof size and the average maximum capacity for residential solar on residences in your area. Below, you can see an overview of 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.
Peru: $13,965US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Peru: 12 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Peru: $3,208US Average: $15,784

Solar Potential in Peru

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

Roof size 644sq. ft.
Capacity 9kW DC
Electricity 10kkWh AC per yr.

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

In Peru, the average kWh usage is 848 per month, and the electric bill is $96.49. Compact dwellings, such as townhouses and duplexes, are also encompassed in the statistics cited in the preceding sentence.

The rate of electricity in Peru, IN, on average, is 11.38¢ per kWh in October 2024.

Typical users in Peru will want a solar power system of 7 kW or larger to cover their full electricity usage needs. Right now, a 7 kW setup is priced at $27,930, but after a 30% tax credit, it drops to $19,551

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Average solar panel costs by system size in Peru

To the left and below, the price breakdown for different sizes of the solar panel systems installed in Peru is shown. The investment for a larger solar panel setup is higher, but it also offers greater electricity savings and increased income tax credits.

Using the solar panel cost calculator located down and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $96.49 in Peru. By modifying the $96.49 to your average electricity bill, you can get tailored results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $488 a year
Est. Price
$8,379
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $41
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 3.87 tons a year
  • Equivalent to planting 178 trees a year
  • Equivalent to driving 9,588 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $651 a year
Est. Price
$11,172
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $54
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 5.16 tons a year
  • Equivalent to planting 237 trees a year
  • Equivalent to driving 12,784 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $813 a year
Est. Price
$13,965
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $68
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 6.46 tons a year
  • Equivalent to planting 297 trees a year
  • Equivalent to driving 15,980 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $976 a year
Est. Price
$16,758
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $81
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 7.75 tons a year
  • Equivalent to planting 356 trees a year
  • Equivalent to driving 19,176 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,139 a year
Est. Price
$19,551
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $95
  • Full payback in 17 years
Environmental Impacts
  • Reduces CO2 emissions by 9.04 tons a year
  • Equivalent to planting 415 trees a year
  • Equivalent to driving 22,372 mi less a year

Peru Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farms might have their solar or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Not sure if you qualify? Use our REAP Grant eligibility tool to verify.

For those considering residential solar options, a 30% federal income tax credit is broadly available, boosting the appeal and practicality of solar energy in numerous areas in the nation. Together with federal efforts, state and local programs help to support the use of solar power.

Several utilities and government organizations in Indiana currently offer 4 solar rebates and incentives.

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?

When you expect to live in your home beyond the payback period of your solar system, solar panels are an clear choice in Peru. Over a 20 year time frame, a 5 kW solar system in Peru, IN could save you around $9,192.6, with the average break even time being 12 years.

The cost of not having solar panels in Peru, IN

In addition to missing out on the previously mentioned savings, not having solar panels or a separate backup energy source makes you fully reliant on your electric utility for electricity. As shown by recent news, total dependence on your utility isn't always ideal.

Lately, the average number of utility outages per customer in Peru has been 0.33 annually. Outages generally last for an average of 21.52 minutes. During major occurrences like wildfires, grid management errors, or planned maintenance, these times can extend significantly.

A solar panel system, with or without a backup battery or not, could help lessen the impact of future power outages you might encounter.

Power Outages

Currently, 0 customers are being tracked in Miami County.

Learn more

Customers Out:

0

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

Your Energy Needs - While the upfront cost is larger, the price per watt decreases with larger solar panel systems. Most consumers see the benefit in setting up a solar setup that can generate enough power to cover their entire electric bill, ensuring significant savings.

Make & Model - There are numerous brands and models of solar panels. Selecting an installer with certain brand preferences means it is even more important essential to go with a highly rated contractor. Selecting better quality equipment usually yields a more favorable long-term experience for the buyer.

Solar Panel Type - It's understandable that monocrystalline panels are now the standard in the industry. These panels have a higher cost but generate more energy. Most installers in the industry use panels constructed of this material.

Your Property - No two homes or properties are the same. Elements like trees, uneven landscapes, or additional considerations might complicate the installation process. Solar installers today have the ability to use satellite images to evaluate your home and incorporate these factors in the preliminary cost estimate.

Labor Rates - Companies provide varying pay rates to their employees, which are then reflected in the prices consumers pay. Often, businesses paying more in wages additionally enjoy higher ratings for their services and customer service.

Permitting & Interconnection - Your final installation cost will be affected by local permitting and utility interconnection fees, which change by area. Quality local installers will include these numbers into your first quotes to prevent any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Peru?

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.

Peru, IN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Peru, IN is $3.99/W. In Peru, IN, the cost of installing a 5 kW solar panel system is 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. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Paying cash offers the most savings, yet there are many financing options available today for solar panels that are also beneficial. Initial quotes from installers will frequently contain information about available financing options.

  • Yes, the average time to recoup the cost of 5 kW solar panels in Peru, IN is 12 years, with homeowners saving an average of $9,192.6 on electricity over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01