Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (2024)

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

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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 Panels Cost 10k-21k in Speedway, IN | August, 2024 (1)

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

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (2) Savings froma 4kWthissystem

  • Est. yearly production 5,916 kWh
  • Est. monthly savings $64
  • Full payback in 8 years

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (3) 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

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (4) Savings froma 5kWthissystem

  • Est. yearly production 7,395 kWh
  • Est. monthly savings $80
  • Full payback in 10 years

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (5) 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

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (6) Savings froma 6kWthissystem

  • Est. yearly production 8,874 kWh
  • Est. monthly savings $96
  • Full payback in 12 years

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (7) 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

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (8) Savings froma 7kWthissystem

  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 13 years

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (9) 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

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (10) Savings froma 8kWthissystem

  • Est. yearly production 11,832 kWh
  • Est. monthly savings $115
  • Full payback in 15 years

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (11) 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

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Go Solar for less than your cell phone bill.

Who are the best solar installers in Speedway?

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (12)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (13)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (14)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (15)

Performance Services

Indianapolis, IN(888) 390-2700

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (16)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (17)

Rogers, AZ(479) 278-2990

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Solar systems for selling electricity back to the grid.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (18)

Artisun Solar

Grandview, MO(816) 265-1786

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (19)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (20)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (21)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (22)

Pure Power Engineering

Hoboken, NJ(201) 687-9975

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (23)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (24)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (25)

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (26)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (27)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (28)

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.
Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (29)

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.

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (30)

Last Reviewed By: King Manalo

Published: 2024-08-01

Solar Panels Cost 10k-21k in Speedway, IN | August, 2024 (2024)

FAQs

How much will solar panels cost in 2024? ›

How much do solar panels cost in California in 2024? As of August 2024, the average solar panel system costs $2.39/W including installation in California. For a 5 kW installation, this comes out to about $11,957 before incentives, though prices range from $10,163 to $13,751.

How much would a 10kW solar system cost? ›

How much does a 10 kW solar system cost? Before federal and state incentives, the average 10kW solar system in the U.S. costs about $30,000. Homebuyers should expect to pay between $22,000 to over $35,000 depending on equipment and installation costs.

Are solar panel prices dropping? ›

Solar panel prices have fallen by around 20% every time global capacity doubled. One of the most transformative changes in technology over the last few decades has been the massive drop in the cost of clean energy.

How much power does a 10kW solar system produce per year? ›

How Much Energy Does a 10kW Solar System Produce? On average, a 10 kW system will produce about 1,255 kilowatt-hours (kWhs) of electricity per month, or between 13,400 and 16,700 kWhs per year.

How many solar panels does it take to power a house year round? ›

The average American home typically needs between 15 and 20 solar panels. That is based on average electrical use of 10,716 kWh annually. However, that figure may not match your needs because it depends on your energy needs. The size of your home, location, and many other factors play a role.

What happens to solar panels after 10 years? ›

On average, solar panels degrade at a rate of 1% each year. The solar panel manufacturer's warranty backs this up, guaranteeing 90% production in the first ten years and 80% by year 25 or 30.

How many panels are in a 20kW solar system? ›

How to Determine How Many Solar Panels You Will Need
Average Monthly Electric BillSolar System SizeAmount of Panels (Based on 330W Panels)
$24020 kW61 panels
$60050 kW157 panels
$1,200100 kW438 panels
$2,400200 kW556 panels
2 more rows

Is it worth getting a 10kW solar system? ›

As a rough guide, a 10kW solar power system can save up to about $4,000 per year on your power bills. But to save $1,000 in a quarter, you should use a lot of power during the day, especially in summer. Because of this, many customers considered adding battery storage to their solar panels.

Is 10kW enough to run a house? ›

Realistically, a well-maintained 10kW solar panel array in the prime of its life can be expected to generate between 10,800 and 14,400 kWh of electricity annually in most locations, given the amount of sunshine they receive [2]. The good news is that this is clearly enough to meet the needs of the average homeowner.

What is the downfall of solar panels? ›

Some of the cons of solar energy are: the cost of adding solar, depends on sunlight, space constraints, solar energy storage is expensive, installation can be difficult and environmental impact of manufacturing and disposing panels. Solar panels last 25 to 30 years.

Are solar panels going to get cheaper? ›

Are Solar Panels Becoming Cheaper at All? While 2021 and 2022 saw higher solar panel costs due to rising material costs and supply chain issues, most experts predict solar will get cheaper.

Does a house lose value with solar panels? ›

Do solar panels increase the appraisal value of a house? Yes, solar panels increase the appraisal value of a house by 4.1% on average, according to a study conducted by Zillow. These values vary based on your location and the strength of your local solar market.

What is the average cost of a 10kW solar system? ›

On average, a 10kWh solar arrangement can cost anywhere between $22,000 to $30,000 without accounting for any government concessions. And since the average cost per watt of electricity varies from state to state, the price you pay will depend on the state you live in.

How many batteries do I need for a 10kW solar system? ›

For a 10 kW solar PV system with 5-10 kWh daily energy consumption, you need a 4 kWh battery to maximise returns or a 35 kWh battery to maximise energy independence. For 11-15 kWh daily energy consumption, you need an 8 kWh battery to maximise returns or a 65 kWh battery to maximise energy independence.

How much does a 10kW battery cost? ›

There isn't a single solar battery that's best for everyone. The cost of residential solar batteries ranges from $1,000 to $1,300 per kWh of capacity installed. Based on this, the cost of a 10kWh battery could range from $10,000 to $13,000, excluding any potential rebates or incentives.

Will solar be cheaper in the future? ›

Are Solar Panels Becoming Cheaper at All? While 2021 and 2022 saw higher solar panel costs due to rising material costs and supply chain issues, most experts predict solar will get cheaper.

How much is a solar system for a 2000 sq ft house? ›

Average Cost of Solar Panels in California per Square Foot
House SizeAverage Cost (Installed)
1,000 sq.ft.$4,880 - $25,680
1,500 sq.ft.$6,420 - $29,280
2,000 sq.ft.$9,760 - $32,100
2,500 sq.ft.$14,640 - $38,520

How cheap will solar be in 2030? ›

We expect the volume of installed solar generation capacity to rise from 1.24 TW, in 2022, to around 14 TW in 2030. The module price will fall from $0.22 per Watt-peak of generation capacity, in summer 2023, to $0.097/Wp in 2030. Global volume will rise by a factor of 11 and the price will more than halve.

Are solar panels becoming more expensive? ›

Solar prices did increase slightly in the last three years, primarily due to the pandemic-related equipment shortages felt in many industries. But, as of 2024, solar is back down to pre-pandemic prices, so it's a great time to get quotes! Are your electricity costs increasing?

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