Solar Panels Cost 8.5k-19k in Winona Lake, IN | October, 2024

Solar Panels Cost $8.5k-$19k in Winona Lake, IN | October, 2024

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How much do solar panels cost in Winona Lake, IN in 2024?

The current cost per watt of solar panel systems in Winona Lake, IN in October, 2024 is $4.06/W.

In accordance with this cost per watt, solar panel installations will cost you about $4,060 per 1K (or 1000 watts) of production capacity. After applying the 30% federal tax credit, a 5 kW system in Winona Lake generally costs $14,210. Be aware that a higher capacity system could be needed to adequately cover your energy consumption.

To your left, you have the option to select your county and access information on the typical roof size along with the average maximum capacity for solar panel installations on homes in your area. Below, you can see a complete analysis 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.
Winona Lake: $14,210US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Winona Lake: 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.
Winona Lake: $7,247US Average: $15,784

Solar Potential in Winona Lake

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

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

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

On average, Winona Lake residents pay $114.78 for their electric bill each month and consume 746 kWh. Flats and small homes with lower energy consumption are covered in this number.

In October 2024, the average electricity rate in Winona Lake, IN amounts to 15.39¢ per kWh.

If you’re a typical energy consumer in Winona Lake, you will need a solar power system sized at 7 kW or more to meet all your electricity needs. Presently, a 7 kW solar panel system costs $19,894 when including the 30% federal income tax credit.

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Average solar panel costs by system size in Winona Lake

To the left, we present a detailed pricing details for multiple solar panel system sizes set up in Winona Lake. More extensive solar installations carry a greater cost, yet they also offer higher electricity savings and larger income tax credits.

In the solar panel cost calculator found down and to the right, you can view a cost and benefit breakdown to match an average $114.78electric bill in Winona Lake. For a more detailed estimate, replace the $114.78 with your typical electricity bill amount.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $666 a year
Est. Price
$8,526
Savings from a 3kWthis system
  • Est. yearly production 4,437 kWh
  • Est. monthly savings $55
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 4.41 tons a year
  • Equivalent to planting 203 trees a year
  • Equivalent to driving 10,914 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $887 a year
Est. Price
$11,368
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $74
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5.88 tons a year
  • Equivalent to planting 270 trees a year
  • Equivalent to driving 14,553 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,109 a year
Est. Price
$14,210
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $92
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 7.35 tons a year
  • Equivalent to planting 338 trees a year
  • Equivalent to driving 18,191 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,331 a year
Est. Price
$17,052
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $111
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 8.82 tons a year
  • Equivalent to planting 405 trees a year
  • Equivalent to driving 21,829 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,553 a year
Est. Price
$19,894
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $115
  • Full payback in 14 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

Winona Lake Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and agricultural properties, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. Believe you might be eligible? Use our REAP Grant eligibility tool to confirm your eligibility.

The 30% federal income tax credit for residential solar is accessible to almost all homeowners, making solar energy a good choice in numerous regions across the country. State and local governments have various programs to promote the switch to solar energy.

A total of 4 solar rebates and incentives are available in Indiana through multiple utility companies and government organizations.

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 Winona Lake who expect to stay in their residence beyond the solar payback period, solar panels make an good investment. A 5 kW solar system in Winona Lake, IN could potentially save you $13,337.2 over the course of 20 years, with the break even point averaging at 10 years.

The cost of not having solar panels in Winona Lake, IN

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. Many recent news articles have revealed that complete dependence on your utility isn't always the best option.

Customers in Winona Lake have faced around 1.04 outages per year on average. Typically, outages have an average duration of 132.53 minutes. However, during significant events such as landslides, grid management errors, or wildlife damage, these times can drastically increase.

Whether it comes with a backup battery or not, a solar panel system could alleviate the strain of any future power interruptions you may encounter.

Power Outages

Currently, 0 customers are being tracked in Kosciusko County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Winona Lake, IN?

Your Energy Needs - Larger solar panel systems have a higher upfront cost, but the cost per watt diminishes. Most consumers see the usefulness in setting up a solar setup that can generate enough power to cover their entire electric bill, leading to significant savings.

Make & Model - Solar panels and mounting equipment, like many other products, are available in different makes and models. The installer you choose may have specific brand preferences, so it's crucial to choose a reputable installer. To ensure a better long-term experience, buyers should consider higher quality models.

Solar Panel Type - The industry standard is now monocrystalline panels, and rightly so. Even with a higher cost, this technology produce more energy. The majority of installers opt for panels crafted using this material.

Your Property - Uneven land, trees, or additional hindrances can make the installation process more challenging. Nowadays, many solar installers can leverage satellite imagery to assess your home and include these aspects into the initial cost estimate.

Labor Rates - The different wages that companies offer their employees result in costs that are ultimately passed on to consumers. Higher wages often lead to companies getting better reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which change by area, will influence your installation cost. Reputable local installers will include these figures in your initial estimates to provide transparency.

See what solar panels cost in other IN cities

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Who are the best solar installers in Winona Lake?

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.

Winona Lake, IN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Winona Lake, IN has reached $4.06/W. After federal tax credits, the installation of a 5 kW solar panel system in Winona Lake, IN is estimated to cost $14,210.

  • At present, there are 4 rebates and incentives available to Indiana residents from various utility and government programs. In addition, nearly all people are eligible for the 30%federal tax credit.

  • Paying cash will lead to the most savings, but these days there are several options for financing solar panels that make great money sense as well. Your initial quotes will often contain information about financing options provided by installers.

  • Yes, the average time to recoup the cost of 5 kW solar panels in Winona Lake, IN is 10 years, with homeowners saving an average of $13,337.2 on electricity over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01