Is Going Solar Worth It? A Cost Guide for Indiana Homeowners
A $735 million investment into solar energy makes Indiana a great place to be a homeowner. As solar costs continue to fall in the state, Indianans appreciate receiving lower energy bills every month.
If you haven’t considered solar in Indiana, you definitely will after this.
Solar-powered energy puts you in control of the electricity in your home. That freedom prevents you from paying unpredictable electric bills. Most solar power contracts lock you into affordable, set monthly prices.
Going the solar route also raises the value of your home. In participating states, homeowners note a 4.1% increase in the value of their homes.
Is going solar in Indiana worth the investment? Are you concerned about the cost? Continue reading and learn all you need to know here.
How Solar in Indiana Works
To understand how solar in Indiana works or any other state, you first need to learn how solar panels work.
Solar energy relies upon the sun. That means you need an energy conduit to put it to work for you. Solar panels come into the picture here.
A solar panel is a photovoltaic module of solar cells. These cells assemble to convert energy.
Solar panels convert light from the sun into electricity used to power homes and more. Residential property owners install these panels on their rooftops as secondary sources of power.
The Cost of Solar Panels in Indiana
The cost of solar energy varies by kilowatt. More kilowatts equates to larger price tags for the solar panel system. Here are examples of kilowatts for solar energy that range from 3kW to 10kW.
The pricing works out like this:
- 3kW – > $9,000 but < $10,000
- 5kW – > $12,000 < $15,000
- 8kW – > $24,000 < $27,000
- 10kW – > $30,000, but also less than $30k based on incentives
5kw is usually the average for solar panel power, but that depends on the size of the home. Keep in mind, prices listed here do not include state rebates and incentives.
Check out blueravensolar.com/indiana/indianapolis/ for more information on that.
Rebates and Incentives for Solar Energy in Indiana
The best part of choosing solar-sourced energy in Indiana is the rebates and incentives. The state rewards homeowners for utilizing this source of energy.
Let’s start with the Federal solar tax credit (ITC) for installing solar panels. Business and residential property owners in Indiana automatically receive a federal tax credit.
That credit equates to 26% of the total installation costs. It also lowers the total cost of a 3kW system to a little of $6K rather than $9k.
Indiana also requires net-metering, which is a rebate in itself. Utility companies must offer full-retail net metering, helping residents save on solar power.
There are the Solar and Wind Technologies Property Tax Exemption and Sales and Use tax exemptions. The value of any installed solar panel system gets automatic exemption from your property taxes.
If the solar installation adds value to your property, that amount isn’t included in the property tax bill.
Go Solar
Going solar in Indiana saves you money and adds value to your home. Consider what you pay now for energy and let solar lead the way to saving you a bundle. So you can see for yourself that Is Going Solar Worth It.
Want more home tips like this? Check out our home guide for the latest hacks and tips.
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