Cost Of Solar Panels In Indiana

While not directly considered a home solar power system indiana allows residents to take a deduction on solar powered roof fans or attic fans installed in a home that they own or leases up to 50 of the cost of the materials and installation labor up to 1 000.

Cost of solar panels in indiana. Indiana income tax deduction for solar powered roof vents or fans. The most recent official data from the. Installing a typical 5kw solar system should start at about 21 250. On a cost per watt w basis a solar panel installation in indiana ranges in price from 2 58 to 3 48.

The following is a breakdown of the costs and savings when installing a 5 kw pv system in indiana. As of sep 2020 the average. Average solar panel cost. As of september 2020 the average solar panel cost in indiana is 3 05 w given a solar panel system size of 5 kilowatts kw an average solar installation in indiana ranges in cost from 12 962 to 17 538 with the average gross price for solar in indiana coming in at 15 250 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net.

Here s how the numbers pencil out for an indiana solar purchase with a 5 kw rooftop solar system. With installation an average residential 5kw size system costs between 3 and 5 per watt according to the cse which results in the 15 000 to 25 000 range. With no incentives the system would cost you around 21 000. As of september 2020 the average solar panel cost in indianapolis in is 3 07 w.

Don t worry even without state incentives you can still knock a big chunk off the price right off the bat. That cost is before any tax credits. Solar panel cost data indiana 2020 updated. Solar panel cost in indiana the average cost for an installed residential solar system in indiana is currently 11 038 after claiming the 26 federal solar tax credit.

National data september 2020. However the investment tax credit from the federal government removes 30 of your outlay as a tax credit which is equivalent to subtracting around 6 300 from your net pv system cost. Indiana s average cost of a solar panel installation ranges from 12 878 to 17 422. Another calculation that potential solar buyers have to consider is the solar payback period.