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

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

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

Going solar averages out to $3.93/W in the month of October, 2024 in Speedway, IN.

For every 1000 watts (1 kW) your solar panel system can produce, you will need to spend, on average, $3,930 for installation. Subtracting the 30% federal tax credit, a 5 kW solar system in Speedway typically costs $13,755. To ensure your energy requirements are met, you could require more than a 5kW system.

On the left, you can choose your county to find the typical roof size and the maximum capacity for solar panels on houses in your area. Below, you can see a summary of the price, 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.
Speedway: $13,755US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Speedway: 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.
Speedway: $8,413US Average: $15,784

Solar Potential in Speedway

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

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 11kkWh AC per yr.

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

For Speedway energy consumers, the average electric bill is $116.93 per month, with a usage of 897 kWh. These figures also encompass apartments and other smaller residences with lower energy demand.

In October 2024, the mean electricity rate in Speedway, IN is 13.04¢ per kWh.

The typical energy user in Speedway requires an 8 kW or higher solar setup to meet their entire power demands. The cost for aan 8 kW solar setup is approximately $31,440 initially, but with the 30% federal tax credit, the final price is reduced to $22,008.

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Average solar panel costs by system size in Speedway

Displayed below and to the left, you can find a thorough price breakdown for multiple solar panel system sizes set up in Speedway. The larger the solar array, the higher the initial expense, but also the greater electricity savings and income tax credits you'll gain.

In the calculator found to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $116.93 electric bill for Speedway. Adjust the $116.93 to fit your average bill payment for customized outcomes.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,004
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 4.69 tons a year
  • Equivalent to planting 216 trees a year
  • Equivalent to driving 11,618 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$13,755
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 5.87 tons a year
  • Equivalent to planting 269 trees a year
  • Equivalent to driving 14,522 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$16,506
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 7.04 tons a year
  • Equivalent to planting 323 trees a year
  • Equivalent to driving 17,426 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$19,257
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 8.21 tons a year
  • Equivalent to planting 377 trees a year
  • Equivalent to driving 20,331 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$22,008
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $117
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 8.57 tons a year
  • Equivalent to planting 394 trees a year
  • Equivalent to driving 21,209 mi less a year

Speedway Solar Panel Installation Incentives & Rebates | 2024

Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar energy or wind energy systems. Not sure if you are eligible? Use our REAP Grant eligibility tool to verify.

For those considering residential solar, the 30% federal income tax credit is offered to nearly everyone, which makes solar power a smart investment in numerous parts of the country. A variety of regional and state programs are in place to support solar energy adoption.

A total of 4 solar incentive and rebate initiatives are available in Indiana from multiple utilities and government bodies.

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 Speedway intending to stay beyond the payback period of their solar system, solar panels are the best choice. Installing a 5 kW solar system in Speedway, IN will, on average, save you $14,308.2 over 20 years, and you can expect to break even in about 10 years.

The cost of not having solar panels in Speedway, IN

If you don't have solar panels or an alternate backup power source, you forgo the previously mentioned savings and your household is completely dependent on your electric utility for electricity. As shown by numerous recent news reports, total reliance on your utility isn't always the best situation.

Residents in Speedway have seen an average of 1.24 utility outages per year lately. Outages generally last for an average of 111.58 minutes. During major occurrences like grid management errors, tornadoes or wildlife damage, these times can extend significantly.

A solar energy system, with or without a backup battery or not, can relieve the pressure of future power outages you may face.

Power Outages

Currently, 0 customers are being tracked in Marion County.

Learn more

Customers Out:

0

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

Your Energy Needs - When opting for larger solar panel systems, the overall expense is greater; however, the cost per watt decreases with an increase in system size. Homeowners often find that setting up a solar system to replace their electric bill is a good move, resulting in the most savings.

Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. Because the installer you choose might have particular brand preferences, selecting a recommended contractor is especially important. Opting for higher quality equipment generally ensures a more favorable long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. They have a higher price, but they produce more energy. Many solar panel installers choose this type of material.

Your Property - Every home and property differs in its own way. Challenges like uneven land, trees, or other challenges can increase the difficulty of installing solar panels. These days, solar installers commonly utilize satellite images to assess your home and factor in these considerations into the first cost estimate.

Labor Rates - The varied employee wages paid by companies lead to costs that consumers ultimately paying . Higher wages generally correlate with better reviews for businesses' services and customer service.

Permitting & Interconnection - Installation costs will be influenced by varying local permitting and utility interconnection fees, depending on the region. That said, experienced local installers will be able to incorporate these numbers into your initial quotes so there are no surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Speedway?

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.

Speedway, IN Solar Panel Cost FAQs

  • During October, 2024, the average price for solar panel installations in Speedway, IN is $3.93/W. A 5 kW solar panel system will cost you around $13,755 in Speedway, IN after the federal tax credit is applied.

  • In Indiana, you have access to 4 rebates and incentives provided by numerous utilities and government organizations. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • While cash payments offer the most savings, there are now many financing options for solar panels that are also financially beneficial. Financing options from installers will often be detailed in your initial quotes.

  • Yes, solar panels systems of 5 kW in Speedway, IN typically have a payback period of 10years, with expected savings on electricity costs of $14,308.2 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01