Solar Panels Cost 10k-20k in West Lafayette, IN | October, 2024

Solar Panels Cost $10k-$20k in West Lafayette, IN | October, 2024

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How much do solar panels cost in West Lafayette, IN in 2024?

Solar panels in West Lafayette, IN during October, 2024 have an average cost of $3.74 per watt.

Each 1 kW (1000 watts) of solar power capacity will cost you $3,740 for installation. After applying the 30% federal tax credit, a 5 kW solar installation in West Lafayette generally costs $13,090. It's vital to realize that a higher capacity system could be essential to fulfill your energy needs.

To the left, you can choose your county to see the typical roof size and the average maximum generation capacity for solar panel systems on homes in your area. You can review the costs, payback period, and 20-year average savings for a 5 kW system installed in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
West Lafayette: $13,090US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
West Lafayette: 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.
West Lafayette: $11,002US Average: $15,784

Solar Potential in West Lafayette

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

Roof size 840sq. ft.
Capacity 11.75kW DC
Electricity 13.3kkWh AC per yr.

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

The standard kWh usage for a West Lafayette resident is 944 monthly, with an average electric bill of $123.76. Compact apartments are also included in the numbers mentioned in the prior sentence. The lower energy use in these types of residences impacts those averages.

In October 2024, the mean electricity rate in West Lafayette, IN is 13.11¢ per kWh.

In West Lafayette, a system size of 8 kW or larger is needed for the typical energy consumer to account for their entire electricity consumption requirements. After incentives, an 8 kW solar installation costs around $20,944.

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Average solar panel costs by system size in West Lafayette

On the left, you will find a breakdown of prices for different solar panel system sizes set up in West Lafayette. With more extensive solar systems, the price goes up, but so do the electricity savings and the income tax credits you can gain.

The solar panel cost calculator, situated down and to the right, offers a cost-benefit analysis using an average $123.76 electric bill for West Lafayette. By changing the $123.76 to your average electricity bill, you can get customized results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$10,472
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $64
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 4.17 tons a year
  • Equivalent to planting 191 trees a year
  • Equivalent to driving 10,315 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$13,090
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 5.21 tons a year
  • Equivalent to planting 239 trees a year
  • Equivalent to driving 12,893 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$15,708
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 6.25 tons a year
  • Equivalent to planting 287 trees a year
  • Equivalent to driving 15,472 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$18,326
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 7.29 tons a year
  • Equivalent to planting 335 trees a year
  • Equivalent to driving 18,051 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$20,944
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $124
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 8.06 tons a year
  • Equivalent to planting 370 trees a year
  • Equivalent to driving 19,957 mi less a year

West Lafayette Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant is designed to assist rural agricultural enterprises and small businesses by covering 80% to 100% of the costs associated with photovoltaic or wind turbine installations. Not sure if you are eligible? Use our REAP Grant eligibility tool to check.

A 30% federal tax credit is available to most homeowners for residential solar installations, which helps make solar energy a practical choice in various regions in the United States. State and local efforts are also in place to further drive the growth of solar energy use.

In Indiana, 4 solar rebates and incentives are currently available from various 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?

Homeowners in West Lafayette who expect to live in their residence beyond the payback period of their solar system will find solar panels an clear choice. A 5 kW system in West Lafayette, IN will enable you to save the average homeowner, on average, $16,612.4 over a 20 period and the average break even point is 9 years.

The cost of not having solar panels in West Lafayette, IN

The absence of solar panels or another backup power source means missing out on the previously highlighted savings and full dependence on your electric utility for power. Recent news examples have shown that full reliance on your utility provider is not always ideal.

Each year, the average number of outages per customer in West Lafayette is about 1. The average length of an outage is 123.25 minutes. However, during significant events such as equipment failure, landslides or planned maintenance, this duration can grow considerably.

Whether it includes a backup battery or not, a solar panel system could ease the inconvenience of any future power interruptions you may encounter.

Power Outages

Currently, 0 customers are being tracked in Tippecanoe County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in West Lafayette, IN?

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt lowers as the system size increases. It is often useful for homeowners to set up a solar system that can make enough electricity to completely replace their electric bill, which results in substantial savings.

Make & Model - Solar panels and mounting equipment, similar to many other products, are available in a variety of makes and models. Your installer’s potential brand preferences make it more important to pick a highly rated contractor. Consumers who choose superior makes and models generally enjoy a superior long-term experience.

Solar Panel Type - It's understandable that monocrystalline panels are now the standard in the industry. These panels are more expensive but produce more energy. The majority of installers in the industry use panels crafted from this material.

Your Property - No two homes or properties are the same. Elements such as trees, sloping terrain, or additional challenges might complicate the installation process. These days, solar installers typically leverage satellite images to evaluate your home and factor in these considerations into the preliminary cost estimate.

Labor Rates - Different companies have varied pay scales for their employees, and these costs are eventually passed on to consumers. Higher wages typically lead to businesses getting better reviews for their work and customer service.

Permitting & Interconnection - Your final installation cost will be impacted by local permitting and utility interconnection fees, which vary by area. Reliable installers will factor these costs into your initial quotes to prevent unexpected expenses.

See what solar panels cost in other IN cities

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Who are the best solar installers in West Lafayette?

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.

West Lafayette, IN Solar Panel Cost FAQs

  • As of October, 2024, the average per-watt cost for solar panels in West Lafayette, IN is $3.74/W. The approximate cost of a 5 kW solar panel system in West Lafayette, IN, after deducting federal tax credits, is $13,090.

  • Various utility providers and government organizations in Indiana are offering 4 rebates and incentives at this time. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Paying in cash provides the highest savings, but there are several financing options available today for solar panels that are also cost-effective. Financing options are frequently available through installers and will be detailed in your initial quotes.

  • Yes, the average 5 kW solar panel payback time in West Lafayette, IN is 9 years, with expected savings of $16,612.4 on electricity over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01