No data available
How much do solar panels cost in Speedway,IN in 2024?
No data available
Going solar averages out to $3.79/W in the month of August, 2024 in Speedway, IN.
For every 1000 watts (1 kW) your solar panel system can produce, you will need to spend, on average, $3,790 for installation. Subtracting the 30% federal tax credit, a 5 kW solar system in Speedway typically costs $13,265. 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: $13,265US Average: $12,637
Average Payback Period The number of years until you break even on the solar investment.
Speedway: 10 yearsUS Average: 8 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Speedway: $8,636US Average: $15,245
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 $114.94 per month, with a usage of 886 kWh. These figures also encompass apartments and other smaller residences with lower energy demand.
In August 2024, the mean electricity rate in Speedway, IN is 12.97¢ 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 $30,320 initially, but with the 30% federal tax credit, the final price is reduced to $21,224.
Go Solar for less than your cell phone bill.
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 $114.94 electric bill for Speedway. Adjust the $114.94 to fit your average bill payment for customized outcomes.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$10,612
Savings froma 4kWthissystem
- Est. yearly production 5,916 kWh
- Est. monthly savings $64
- Full payback in 8 years
Environmental Impacts
- Reduces CO2 emissions by 4.76 tons a year
- Equivalent to planting 219 trees a year
- Equivalent to driving 11,783 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Savings froma 5kWthissystem
- Est. yearly production 7,395 kWh
- Est. monthly savings $80
- Full payback in 10 years
Environmental Impacts
- Reduces CO2 emissions by 5.95 tons a year
- Equivalent to planting 273 trees a year
- Equivalent to driving 14,729 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$15,918
Savings froma 6kWthissystem
- Est. yearly production 8,874 kWh
- Est. monthly savings $96
- Full payback in 12 years
Environmental Impacts
- Reduces CO2 emissions by 7.14 tons a year
- Equivalent to planting 328 trees a year
- Equivalent to driving 17,674 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$18,571
Savings froma 7kWthissystem
- Est. yearly production 10,353 kWh
- Est. monthly savings $112
- Full payback in 13 years
Environmental Impacts
- Reduces CO2 emissions by 8.33 tons a year
- Equivalent to planting 383 trees a year
- Equivalent to driving 20,620 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$21,224
Savings froma 8kWthissystem
- Est. yearly production 11,832 kWh
- Est. monthly savings $115
- Full payback in 15 years
Environmental Impacts
- Reduces CO2 emissions by 8.54 tons a year
- Equivalent to planting 392 trees a year
- Equivalent to driving 21,143 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.
Solar incentives in INIncentive Description Value
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 $14,320.6 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.
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
- Indianapolis 18 Installers
- Fort Wayne 18 Installers
- Evansville 20 Installers
- South Bend 18 Installers
- Fishers 18 Installers
- Carmel 18 Installers
- Bloomington 20 Installers
- Hammond 18 Installers
- Noblesville 18 Installers
- Lafayette 18 Installers
- Gary 18 Installers
- Muncie 18 Installers
- Greenwood 18 Installers
- Kokomo 18 Installers
- Terre Haute 18 Installers
- Anderson 18 Installers
- Elkhart 18 Installers
- Mishawaka 18 Installers
- Columbus 18 Installers
- Jeffersonville 19 Installers
- Lawrence 18 Installers
- Westfield 18 Installers
- West Lafayette 18 Installers
- Portage 18 Installers
- New Albany 19 Installers
- Merrillville 18 Installers
- Richmond 18 Installers
- Goshen 18 Installers
- Plainfield 18 Installers
- Valparaiso 18 Installers
- Crown Point 18 Installers
- Michigan City 18 Installers
- Granger CDP 18 Installers
- Zionsville 18 Installers
- Hobart 18 Installers
- Schererville 18 Installers
- Brownsburg 18 Installers
- Marion 18 Installers
- East Chicago 18 Installers
- Franklin 18 Installers
- Munster 18 Installers
- Highland 18 Installers
- Greenfield 18 Installers
- Clarksville 19 Installers
- La Porte 18 Installers
- Seymour 19 Installers
- Avon 18 Installers
- St. John 18 Installers
- Shelbyville 18 Installers
- Logansport 18 Installers
- New Castle 18 Installers
- Lebanon 18 Installers
- Huntington 18 Installers
- Vincennes 19 Installers
- Dyer 18 Installers
- Crawfordsville 18 Installers
- Jasper 19 Installers
- Griffith 18 Installers
- Frankfort 18 Installers
- New Haven 18 Installers
- Warsaw 18 Installers
- Beech Grove 18 Installers
- Chesterton 18 Installers
- Bedford 19 Installers
- Cedar Lake 18 Installers
- Speedway 18 Installers
- Connersville 18 Installers
- Lake Station 18 Installers
- Auburn 18 Installers
- Madison 19 Installers
- Washington 19 Installers
- Martinsville 18 Installers
- Greensburg 18 Installers
- Yorktown 18 Installers
- Peru 18 Installers
- Lowell 18 Installers
- Bluffton 18 Installers
- Danville 18 Installers
- Wabash 18 Installers
- Plymouth 18 Installers
- Newburgh 20 Installers
- Mount Carmel 18 Installers
Go Solar for less than your cell phone bill.
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.
Mountain Ridge Energy Service
Conway, AR(501) 499-1529
Services
- Auditing of energy requirements for independent energy generation.
- Reparation of solar arrays.
- Installation of solar arrays.
Performance Services
Indianapolis, IN(888) 390-2700
Services
- Installation of solar arrays.
- Expertise in consulting on advantageous financing for solar.
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.
Rogers, AZ(479) 278-2990
Services
- Installation of solar arrays.
- Reparation of solar arrays.
- Solar systems for selling electricity back to the grid.
Artisun Solar
Grandview, MO(816) 265-1786
Services
- Consulting on all things solar related.
- Installation of solar arrays.
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.
Pure Power Engineering
Hoboken, NJ(201) 687-9975
Services
- 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 August, 2024, the average price for solar panel installations in Speedway, IN is $3.79/W. A 5 kW solar panel system will cost you around $13,265 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 $14,320.6 over 20 years.
Last Reviewed By: King Manalo
Published: 2024-08-01