Solar Panels Cost $14k-$25k in Randolph County, IN | November, 2024
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How much do solar panels cost in Randolph County, IN in 2024?
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You will spend, on average, $4.08 per watt in the month of November, 2024 in Randolph County, IN to go solar.
You should expect costs to be $4,080, on average, for every 1 kW (or 1000 watts) of solar energy your solar panel system will need to generate. We are able to conclude this as a result of this rate price cost. In Randolph County, the price of a 5 kW solar installation is generally $14,280, after you subtract 30% federal tax credit. It's worth noting that a bigger system may be needed to fulfill your energy needs.
To the left, you have the option to select your county and see the typical roof size along with the average maximum capacity for residential solar in homes in your area. Below is a detailed summary of 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.
Randolph County: $14,280US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Randolph 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.
Randolph County: $21,254US Average: $16,169
Solar Potential in Randolph County
Estimated system size and solar electricity production per median viable roof in Randolph County.
Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.
Electricity Costs in Randolph County, IN & What that Means for Your Solar Panel Pricing
The monthly kWh usage for a Randolph County energy consumer is 1,106, with an average electric bill of 173.56. Compact dwellings, such as townhouses and condos, are also encompassed in the statistics mentioned in the prior sentence.
In November 2024, the electricity rate in Randolph County, IN is 15.7¢ per kWh.
At this time, a 9 kW solar system costs $25,704 when including the 30% federal income tax credit.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Randolph County
On the left, you will find a price breakdown for multiple solar panel system sizes set up in Randolph County. Even though a larger solar installation comes with a higher price, it also yields higher electricity savings and more substantial income tax credits.
In the solar panel cost calculator situated below and to the right, you can examine a cost and benefit breakdown to match an average $173.56 electric bill in Randolph County. To get custom results, change the $173.56 to reflect your average electricity payment.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,183 a year
Est. Price
$14,280
Savings from a 5kWthis system
Est. yearly production 7,395 kWh
Est. monthly savings $99
Full payback in 7 years
Environmental Impacts
Reduces CO2 emissions by 0 tons a year
Equivalent to planting 0 trees a year
Equivalent to driving 0 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,420 a year
Est. Price
$17,136
Savings from a 6kWthis system
Est. yearly production 8,874 kWh
Est. monthly savings $118
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 0 tons a year
Equivalent to planting 0 trees a year
Equivalent to driving 0 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,656 a year
Est. Price
$19,992
Savings from a 7kWthis system
Est. yearly production 10,353 kWh
Est. monthly savings $138
Full payback in 10 years
Environmental Impacts
Reduces CO2 emissions by 0 tons a year
Equivalent to planting 0 trees a year
Equivalent to driving 0 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,893 a year
Est. Price
$22,848
Savings from a 8kWthis system
Est. yearly production 11,832 kWh
Est. monthly savings $158
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 0 tons a year
Equivalent to planting 0 trees a year
Equivalent to driving 0 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $2,130 a year
Est. Price
$25,704
Savings from a 9kWthis system
Est. yearly production 13,311 kWh
Est. monthly savings $174
Full payback in 12 years
Environmental Impacts
Reduces CO2 emissions by 0 tons a year
Equivalent to planting 0 trees a year
Equivalent to driving 0 mi less a year
Randolph County Solar Panel Installation Incentives & Rebates | 2024
For rural farms and small businesses, the REAP Grant might currently cover between 80% and 100% of the expenses for installing solar or wind energy systems. Curious if you fit this category? Confirm your eligibility with our REAP Grant eligibility tool.
Nearly all residents are eligible for the 30% federal income tax credit for residential solar, which makes it a practical option in many states in the country. In addition to the federal incentives, state and local programs also aim to boost solar energy uptake.
Indiana provides 6 solar rebates and incentives from multiple utility companies and government organizations.
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 Randolph County, IN?
If you expect to live in your home beyond the payback period of your solar system, solar panels are an clear choice in Randolph County. By installing a 5 kW solar system in Randolph County, IN, you can expect to save roughly $27,374.4 over 20 years, with the break even point typically being 7 years.
The cost of not having solar panels in Randolph County, IN
Failing to have solar panels or an alternative backup energy results in missing the savings mentioned earlier and being completely reliant on your electric utility for electricity. Numerous recent examples in the news have highlighted that complete reliance on your utility company is not always the best option.
Lately, customers in Randolph County have encountered an average of 1.23 utility outages each year. On average, each outage lasts for 204.19 minutes. Major events like thunderstorms, planned maintenance, or overloaded power grids can considerably extend these durations.
See the info below to see the number of current electricity customers without power in Randolph County.
A solar panel system, whether or not it has a backup battery, could reduce the impact of future outages you might experience.
Power Outages
Currently, 0 customers are being tracked in Randolph County.
What impacts the cost of solar panels in Randolph County, IN?
Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size grows. For most homeowners, setting up a system that can generate enough power to eliminate their entire electric bill is useful, providing significant savings.
Make & Model - Solar panels, like many other products, are available in various makes and models. Your contractor’s potential brand preferences make it crucial to choose a reputable contractor. For buyers desiring a more favorable long-term experience, investing in superior quality makes and models is critical.
Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. These panels have a higher cost but yield more energy. The majority of installers in the industry work with panels constructed of this material.
Your Property - Trees, uneven landscapes, or other obstacles can increase the complexity of the installation. These days, solar installers can leverage satellite images to assess your home and factor in these factors into the first cost estimate.
Labor Rates - Companies compensate their employees in varying amounts, and these costs are borne by consumers. Companies that invest in higher wages often see higher reviews for their work and customer service.
Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by region, will influence your final installation cost. Reliable local installers will build these figures into your preliminary estimates to prevent any surprises.
See what solar panels cost in other Randolph County cities
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Randolph County, IN Solar Panel Cost FAQs
As of November, 2024, the average per-watt cost for solar panels in Randolph County, IN is $4.08/W. The approximate cost of a 5 kW solar panel system in Randolph County, IN, after deducting federal tax credits, is $14,280.
Currently, Indiana residents can benefit from 6 rebates and incentives available through various utilities and government bodies. On top of that, nearly everyone can qualify for the 30% federal tax credit.
Even though cash payments yield the greatest savings, several financing options for solar panels today are also financially beneficial. Information about financing options is typically included in initial quotes provided by installers.
Yes, the typical payback time for 5 kW solar panel systems in Randolph County, IN is 7 years, and the expected electricity cost savings over 20 years is $27,374.4.