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

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

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

In Salem, IN, the price per watt of solar panels is around $4.04 per watt in October, 2024.

Put another way, solar panels will cost you about $4,040 per 1 kW (or 1000 watts) of generation capacity. In Salem, you can expect to spend around $14,140 for a 5 kW system once the 30% federal income tax credit is factored in. It's important to note that a more extensive system might be essential to meet your energy demands.

To the left, you can select your county to find the typical roof size and average maximum capacity for solar panel systems on homes in your area. See below a full breakdown of the {price|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.
Salem: $14,140US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Salem: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Salem: $9,596US Average: $15,784

Solar Potential in Salem

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

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

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

For Salem energy consumers, the average electric bill is $124.15 per month, with a usage of 957 kWh. These numbers encompass apartments and other smaller homes with lower energy needs.

The mean rate for electricity in Salem, IN during October, 2024 is 12.98¢ per kWh.

In Salem, a system size of 8 kW or higher is needed for the average energy user to account for their full power usage demands. The cost of a an 8 kW solar installation is approximately $32,320 initially, but the federal tax credit provides a 30% credit, lowering your final cost to $22,624.

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Average solar panel costs by system size in Salem

Displayed below and to the left, you can find a detailed price breakdown for different solar panel system sizes set up in Salem. A larger solar array will expectedly cost more, but it will also provide more significant electricity savings and increased income tax credits.

In the solar panel cost calculator located down and to the right, you can examine a cost and benefit breakdown to match an average $124.15electric bill in Salem. To get customized results, just adjust the $124.15to match your usual electricity bill amount.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,312
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 4.73 tons a year
  • Equivalent to planting 217 trees a year
  • Equivalent to driving 11,697 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$14,140
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $80
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 5.91 tons a year
  • Equivalent to planting 271 trees a year
  • Equivalent to driving 14,621 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$16,968
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $96
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 7.09 tons a year
  • Equivalent to planting 326 trees a year
  • Equivalent to driving 17,545 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$19,796
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 8.27 tons a year
  • Equivalent to planting 380 trees a year
  • Equivalent to driving 20,470 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$22,624
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $124
  • 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

Salem Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farms might have their photovoltaic or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. If you think you might be eligible, try our REAP Grant eligibility tool to check your qualification.

For those looking into residential solar, the 30% federal income tax credit is accessible to almost all homeowners, which makes solar a sensible option in many states. Alongside federal efforts, state and local programs help to support the use of solar power.

Residents of Indiana can access 4 solar rebate and incentive programs from a range of utilities and governmental agencies.

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 those in Salem looking to stay in their homes past the payback period of their solar system, solar panels make excellent sense. Over a 20 year period, a 5 kW solar system in Salem, IN could save you approximately $15,656, with the average break even time being 9 years.

The cost of not having solar panels in Salem, IN

Without solar panels or another energy backup source, you miss out on the savings discussed earlier and are completely dependent on your electric utility for power. Numerous recent news reports have illustrated that total reliance on your utility isn't always the best idea.

Lately, utilities in Salem have reported an average of 1.48 outages per customer annually. Each outage lasts an average of 157.01 minutes. In the case of major events such as thunderstorms, overloaded power grids, or vandalism, this period can increase substantially.

Having a solar panel system, with or without a backup battery, could lessen the pressure of any future outages you may encounter.

Power Outages

Currently, 0 customers are being tracked in Washington County.

Learn more

Customers Out:

0

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

Your Energy Needs - Although the initial cost is greater, the cost per watt drops with larger solar panel systems. Installing a solar panel system that can cover the electric bill is advantageous to individuals because of the reduced long-term costs.

Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. The installer you select may have specific brand preferences, so it's crucial to choose a highly rated company. Better equipment generally result in an better long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels have become the industry standard, and for good reason. These panels have a higher cost but yield more energy. Most installers in the industry utilize panels made of this material.

Your Property - Each property and home has its own characteristics. Factors like sloped land, trees, or additional hurdles can make the installation more challenging. Most solar installers currently use satellite imagery to assess your home and factor in these elements into the first cost estimate.

Labor Rates - Employees receive varied wages from different companies, and these costs are handed down to the consumers. Companies typically receive higher reviews for their services and customer service when they pay higher wages.

Permitting & Interconnection - The cost of your installation will be influenced by the local permitting and utility interconnection fees, which change depending on the area. Quality local installers will integrate these figures into your first estimates to prevent any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Salem?

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.

Salem, IN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Salem, IN has reached $4.04/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Salem, IN is roughly $14,140.

  • Homeowners in Indiana can take advantage of 4 different rebates and incentives from a variety of utility companies and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Paying cash yields the most savings, but there are now several financing options for solar panels that are also financially beneficial. Many installers have partnerships with financing companies and will include this information in your initial quotes.

  • Yes, in Salem, IN, 5 kW solar panel systems typically pay off in 9 years, and users save around $15,656 in electricity costs over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01