Solar Panels Cost $17k-$28k in Putnam County, IN | November, 2024
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How much do solar panels cost in Putnam County, IN in 2024?
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It is approximately $4.1/W in Putnam County, IN in November, 2024 to get solar installed.
Each 1 kW (1000 watts) of solar power capacounty will cost you $4,100 for installation. When you consider the 30% federal tax credit, you can expect to spend around $14,350, in Putnam County, for a 5 kW system. Subject to your electricity consumption, your home may need a larger system.
To the left, you can select your county to determine the typical roof size and average maximum capacity for solar panels on homes in your area. Displayed below is 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.
Putnam County: $14,350US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Putnam County: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Putnam County: $20,305US Average: $16,169
Solar Potential in Putnam County
Estimated system size and solar electricity production per median viable roof in Putnam County.
Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.
Electricity Costs in Putnam County, IN & What that Means for Your Solar Panel Pricing
The average electricity bill for a Putnam County resident is 170.02, with a monthly consumption of 1,109 kWh. Keep in mind that the statistic includes both apartments and smaller homes, which typically require reduced energy.
The average rate for electricity in Putnam County, IN during November, 2024 is 15.33¢ per kWh.
At this time, a 9 kW setup has an upfront cost of about $36,900, but after a 30% tax credit, it drops to $25,830
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Putnam County
Displayed on the left, you will find a price breakdown for different solar panel system sizes installed in Putnam County. Bigger solar installations come with a greater cost, yet they also offer increased electricity savings and more generous income tax credits.
Check the solar panel cost calculator below and to the right to see the cost and benefit details based on an average $170.02 electric bill in Putnam County. Adjust the $170.02 to your typical electricity bill payment for more accurate results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$17,220
Savings from a 6kWthis system
Est. yearly production 8,874 kWh
Est. monthly savings $111
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 6.03 tons a year
Equivalent to planting 277 trees a year
Equivalent to driving 14,918 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,553 a year
Est. Price
$20,090
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $129
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 7.03 tons a year
Equivalent to planting 323 trees a year
Equivalent to driving 17,405 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,775 a year
Est. Price
$22,960
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $148
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 8.04 tons a year
Equivalent to planting 369 trees a year
Equivalent to driving 19,891 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,997 a year
Est. Price
$25,830
Savings from a 9kWthis system
Est. yearly production 13,311 kWh
Est. monthly savings $166
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 9.04 tons a year
Equivalent to planting 415 trees a year
Equivalent to driving 22,378 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,218 a year
Est. Price
$28,700
Savings from a 10kWthis system
Est. yearly production 14,790 kWh
Est. monthly savings $170
Full payback in 14 years
Environmental Impacts
Reduces CO2 emissions by 9.24 tons a year
Equivalent to planting 424 trees a year
Equivalent to driving 22,864 mi less a year
Putnam County Solar Panel Installation Incentives & Rebates | 2024
If you're a rural small business or farm owner, you might be eligible for REAP Grant coverage of between 80% and 100% for your photovoltaic or wind turbine project. If you believe you might qualify, we suggest trying our REAP Grant eligibility tool to check.
Nearly all residents are eligible for the 30% federal income tax credit for residential solar, making it a feasible option in numerous states throughout the country. Additionally, a variety of state and local programs are available to promote solar adoption.
There are 6 solar rebate and incentive programs currently offered in Indiana by multiple utilities and government bodies.
Solar incentives in INIncentive Description Value
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.
City of Bloomington - Sustainable Development Incentives
Value:Varies
Special administrative incentives may apply to new construction in Bloomington, IN if it meets certain green building standards. The city has established standards across four areas, including energy efficiency, landscape/water efficiency, public policy (specifically promoting alternative vehicles), and public transportation. Buildings meeting certain minimum quotas for projects in the goal areas may qualify for permit fee waivers and less strict setback requirements. Additional information is available from the Bloomington city website.
City of Indianapolis - Green Building Incentive Program
Value:Varies
Special permitting privileges may apply to new projects in Indianapolis or greater Marion County if designers adhere to certain energy efficiency standards. Qualifying structures should either use on-site solar panels/small wind equipment or be ASHRAE 90.1 certified. Appliances, lighting, and HVAC systems used should be ENERGY STAR certified. Once the builder applies for permits, the structure will be ranked across six sustainability criteria. If it passes minimum standards on at least half of the criteria, 30% of the total permit fees will be refunded. For each additional criterion, another 10% will be added to the total rebate. Additional information is available from the Indianapolis city website.
Are solar panels worth it in Putnam County, IN?
If your goal is to keep your home well past the payback period of your solar system, solar panels are an excellent choice in Putnam County. Installing a 5 kW solar system in Putnam County, IN will, on average, save you $26,454.8 over 20 years, and you can expect to break even in about 7 years.
The cost of not having solar panels in Putnam County, IN
In addition to forgoing the savings, the absence of solar panels or another backup energy source results in full dependence on your electric utility for your power needs. As recent examples in the news have shown, full reliance on your utility provider isn't always the best idea.
Each year, customers in Putnam County face about 1.46 outages. Each outage, on average, lasts for 163.36 minutes. In the case of major events like wildlife damage, grid management errors or hurricanes, this period can rise substantially.
View the info below to see the number of current electricity customers without power in Putnam County.
Even without a backup battery, a solar panel system can help mitigate the strain of future outages you may face.
Power Outages
Currently, 0 customers are being tracked in Putnam County.
What impacts the cost of solar panels in Putnam County, IN?
Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt decreases as the system size increases. A lot of people find it useful to set up a solar energy system that can offset their entire electric bill. This results in maximum savings.
Make & Model - There are numerous brands and models of solar panels. The preferences for system that your contractor has may make it essential to choose a reputable installer. The use of superior models is probably will result in a more satisfactory long-term experience for buyers.
Solar Panel Type - There are valid reasons why monocrystalline panels are now considered the industry standard. Although they are pricier, they provide increased energy. Most installers work with panels crafted of this material.
Your Property - Every home and property differs in its own way. Challenges such as trees, sloped land, or additional considerations can increase the difficulty of installing solar panels. By using satellite imagery, solar installers can currently assess your home and include these considerations into the first cost estimate.
Labor Rates - The wage differences between companies result in costs that are passed on to the consumers. Higher reviews for services and customer service are often associated with businesses that pay higher wages.
Permitting & Interconnection - The cost of installation will vary depending on local permitting and utility interconnection fees. Experienced local installers will include these figures in your initial estimates to provide transparency.
See what solar panels cost in other Putnam County cities
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Putnam County, IN Solar Panel Cost FAQs
As of November, 2024, the average cost for solar panels in Putnam County, IN is $4.1/W. With the federal tax credit, the cost of a 5 kW solar panel system in Putnam County, IN drops to roughly $14,350.
Currently, Indiana residents can benefit from 6 rebates and incentives available through various utilities and government bodies. Additionally, the vast majority qualify for the 30% federal tax credit.
Paying cash yields the most savings, but there are now numerous financing options for solar panels that are also financially beneficial. Financing details are often provided by installers and may be detailed in your initial quotes.
Yes, solar panels systems of 5 kW in Putnam County, IN typically have a payback period of 7years, with expected savings on electricity costs of $26,454.8 over 20 years.
Savings from 
Environmental Impacts 
