Solar Panels Cost 5.7k-17k in Winfield, IN | October, 2024

Solar Panels Cost $5.7k-$17k in Winfield, IN | October, 2024

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

Typically, in Winfield, IN in the month of October, 2024, the cost per each watt for solar panel systems is $4.09/W.

In accordance with the price, you can conclude that for every 1 kW (1000 watts) your solar system can generate you will need to invest $4,090 to get your panels installed. After receiving the 30% federal tax credit, a 5 kW solar panel install in Winfield sets you back $14,315. Be aware that a larger system might be required to fulfill your energy requirements.

To the left,choose your area to find out the average roof size and the average maximum capacity of solar panel systems for homes in your county. Below is a full analysis of the price, 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.
Winfield: $14,315US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Winfield: 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.
Winfield: $8,556US Average: $15,784

Solar Potential in Winfield

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

Roof size 572sq. ft.
Capacity 8kW DC
Electricity 8.8kkWh AC per yr.

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

On average, Winfield residents use 689 kWh each month, and the electric bill is $120.86. Bear in mind that this figure incorporates data from both apartments and smaller homes with reduced energy requirements.

In October 2024, the electricity rate in Winfield, IN is on average 17.55¢ per kWh.

Average electricity users in Winfield may want a solar panel system with a generation capacity of 6 kW or more to satisfy their full electricity usage needs. At the moment, a 6 kW solar installation will cost you roughly $24,540upfront, but thanks to the 30% federal tax credit, you receive 30% back, reducing the total to $17,178.

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Average solar panel costs by system size in Winfield

Below on the left side, there is the cost breakdown for multiple sizes of solar panel systems set up in Winfield. Even though a larger solar installation carries a larger expense, it also offers higher electricity savings and larger income tax credits.

In the calculator provided to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $120.86 electric bill for Winfield. Adjust the $120.86 to your average electricity bill payment for results that are tailored to you.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $532 a year
Est. Price
$5,726
Savings from a 2kWthis system
  • Est. yearly production 2,958 kWh
  • Est. monthly savings $44
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 3.35 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,299 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $799 a year
Est. Price
$8,589
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $67
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 5.03 tons a year
  • Equivalent to planting 231 trees a year
  • Equivalent to driving 12,448 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,065 a year
Est. Price
$11,452
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $89
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 6.71 tons a year
  • Equivalent to planting 308 trees a year
  • Equivalent to driving 16,597 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$14,315
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $111
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 8.38 tons a year
  • Equivalent to planting 385 trees a year
  • Equivalent to driving 20,746 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,597 a year
Est. Price
$17,178
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $121
  • Full payback in 12 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

Winfield Solar Panel Installation Incentives & Rebates | 2024

Small businesses and farms in rural areas may see between 80% and 100% of their solar or wind turbine installation costs covered by the REAP Grant. Wondering if you fall into this category? Check your eligibility with our REAP Grant eligibility tool.

Almost all homeowners can benefit from the 30% federal income tax credit for residential solar, making solar energy a sensible option across most parts of the country. Alongside federal incentives, there are many state and local efforts to encourage solar energy adoption.

Several utilities and government agencies in Indiana currently offer 4 solar rebates and incentives.

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 Winfield planning to remain in their homes after the payback period for solar panels, solar energy is a sensible choice. In Winfield, IN, a 5 kW solar system installation might save you $14,691.4 on average over 20 years, with a typical break even point of 10 years.

The cost of not having solar panels in Winfield, IN

Besides missing out on the aforementioned savings, not having solar panels or a different backup energy source makes you fully reliant on your electric utility for electricity. The news has provided several examples demonstrating that full reliance on your utility is not always ideal.

The utilities in Winfield have averaged about 0.95 outages per customer per year in recent years. Usually, outages have an average duration of 143 minutes. However, during critical events like planned maintenance, grid management errors or winter storms, these times can extend dramatically.

A solar panel system, with or without a backup battery or not, could reduce the impact of future power outages you might face.

Power Outages

Currently, 0 customers are being tracked in Lake County.

Learn more

Customers Out:

0

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

Your Energy Needs - Even though larger solar panel systems have a larger initial cost, the cost per watt drops. For most individuals, setting up a system that can produce enough power to reduce their entire electric bill is useful, providing significant savings.

Make & Model - Similar to many other products, there are a variety of makes and models of solar panels on the market. The potential brand preferences of your installer mean that it is it's even more necessary to pick a highly rated company. Choosing superior quality materials generally yields a more favorable long-term experience for the buyer.

Solar Panel Type - For good reasons, monocrystalline panels have emerged as the standard in the industry. Even though they are costlier, they generate additional energy. The majority of installers use panels crafted from this material.

Your Property - Each property and home has its own characteristics. Factors like irregular terrain, trees, or other challenges can make the installation more challenging. Nowadays, solar installers commonly leverage satellite images to evaluate your home and incorporate these considerations into the preliminary cost estimate.

Labor Rates - Companies offer varying pay rates to their employees, which are then passed on to the prices consumers pay. Businesses that invest in higher wages often see higher reviews for their services and customer service.

Permitting & Interconnection - Regional differences in permitting and utility interconnection fees will affect your installation cost. Reliable local installers will incorporate these figures into your preliminary estimates to avoid any surprises.

See what solar panels cost in other IN cities

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Who are the best solar installers in Winfield?

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.

Winfield, IN Solar Panel Cost FAQs

  • In October, 2024, the typical price per watt for solar panels in Winfield, IN is $4.09/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Winfield, IN is roughly $14,315.

  • Residents of Indiana can currently take advantage of 4 rebates and incentives offered by various utilities and government bodies. In addition, the 30% federal income tax credit is available to almost everyone.

  • Paying in cash provides the highest savings, but there are several financing options available today for solar panels that are also financially advantageous. Many installers will detail information about financing options in their initial quotes.

  • Yes, in Winfield, IN, the average time for 5 kW solar panel systems to pay for themselves is 10 years, leading to electricity savings of $14,691.4 over a 20-year period.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01