Solar Panel Cost & Payback in Indiana
Home solar in Indiana pays back in a median 23.3 years across the 88 places we cover, at an average electricity price of 17.0¢/kWh and about $3.60 per watt installed. Power sent back to the grid earns only about 4.0¢/kWh (Excess distributed generation (EDG)), which lengthens payback. Evansville has the fastest payback (22.6 years).
Solar estimates for Indiana cities and towns
Sorted by fastest payback. Each figure is for a system sized to an average Indiana home (901 kWh/month).
| Place | kWh per kW | System | Cost | Payback | 25-yr savings |
|---|---|---|---|---|---|
| Evansville | 1,389 | 8.0 kW | $28,800 | 22.6 yrs | $3,949 |
| West Lafayette | 1,370 | 8.0 kW | $28,800 | 22.8 yrs | $3,501 |
| Vincennes | 1,368 | 8.0 kW | $28,800 | 22.8 yrs | $3,454 |
| Fishers | 1,367 | 8.0 kW | $28,800 | 22.9 yrs | $3,431 |
| Greenwood | 1,365 | 8.0 kW | $28,800 | 22.9 yrs | $3,383 |
| Greensburg | 1,364 | 8.0 kW | $28,800 | 22.9 yrs | $3,360 |
| New Albany | 1,363 | 8.0 kW | $28,800 | 22.9 yrs | $3,336 |
| Seymour | 1,363 | 8.0 kW | $28,800 | 22.9 yrs | $3,336 |
| Crawfordsville | 1,363 | 8.0 kW | $28,800 | 22.9 yrs | $3,336 |
| Clarksville | 1,357 | 8.0 kW | $28,800 | 23.0 yrs | $3,195 |
| Greenfield | 1,357 | 8.0 kW | $28,800 | 23.0 yrs | $3,195 |
| Speedway | 1,357 | 8.0 kW | $28,800 | 23.0 yrs | $3,195 |
| Carmel | 1,356 | 8.0 kW | $28,800 | 23.0 yrs | $3,171 |
| Bedford | 1,356 | 8.0 kW | $28,800 | 23.0 yrs | $3,171 |
| Zionsville | 1,355 | 8.0 kW | $28,800 | 23.0 yrs | $3,148 |
| Greencastle | 1,355 | 8.0 kW | $28,800 | 23.0 yrs | $3,148 |
| Terre Haute | 1,354 | 8.0 kW | $28,800 | 23.0 yrs | $3,124 |
| Plainfield | 1,354 | 8.0 kW | $28,800 | 23.0 yrs | $3,124 |
| Lafayette | 1,353 | 8.0 kW | $28,800 | 23.0 yrs | $3,101 |
| Franklin | 1,353 | 8.0 kW | $28,800 | 23.0 yrs | $3,101 |
| Jeffersonville | 1,350 | 8.4 kW | $30,240 | 23.1 yrs | $3,181 |
| Lebanon | 1,350 | 8.4 kW | $30,240 | 23.1 yrs | $3,181 |
| Frankfort | 1,349 | 8.4 kW | $30,240 | 23.1 yrs | $3,157 |
| Avon | 1,347 | 8.4 kW | $30,240 | 23.1 yrs | $3,107 |
| Richmond | 1,346 | 8.4 kW | $30,240 | 23.1 yrs | $3,082 |
| Noblesville | 1,345 | 8.4 kW | $30,240 | 23.2 yrs | $3,058 |
| Anderson | 1,343 | 8.4 kW | $30,240 | 23.2 yrs | $3,008 |
| Fairfield Heights | 1,343 | 8.4 kW | $30,240 | 23.2 yrs | $3,008 |
| North Madison | 1,343 | 8.4 kW | $30,240 | 23.2 yrs | $3,008 |
| Connersville | 1,341 | 8.4 kW | $30,240 | 23.2 yrs | $2,958 |
| Lake Station | 1,341 | 8.4 kW | $30,240 | 23.2 yrs | $2,958 |
| Lawrence | 1,340 | 8.4 kW | $30,240 | 23.2 yrs | $2,934 |
| Westfield | 1,340 | 8.4 kW | $30,240 | 23.2 yrs | $2,934 |
| Martinsville | 1,339 | 8.4 kW | $30,240 | 23.2 yrs | $2,909 |
| Lowell | 1,339 | 8.4 kW | $30,240 | 23.2 yrs | $2,909 |
| Crown Point | 1,336 | 8.4 kW | $30,240 | 23.3 yrs | $2,835 |
| Shelbyville | 1,336 | 8.4 kW | $30,240 | 23.3 yrs | $2,835 |
| Danville | 1,336 | 8.4 kW | $30,240 | 23.3 yrs | $2,835 |
| New Castle | 1,335 | 8.4 kW | $30,240 | 23.3 yrs | $2,810 |
| Jasper | 1,334 | 8.4 kW | $30,240 | 23.3 yrs | $2,785 |
| Beech Grove | 1,334 | 8.4 kW | $30,240 | 23.3 yrs | $2,785 |
| Columbus | 1,333 | 8.4 kW | $30,240 | 23.3 yrs | $2,760 |
| Washington | 1,333 | 8.4 kW | $30,240 | 23.3 yrs | $2,760 |
| Mooresville | 1,333 | 8.4 kW | $30,240 | 23.3 yrs | $2,760 |
| Indianapolis | 1,332 | 8.4 kW | $30,240 | 23.3 yrs | $2,736 |
| Brownsburg | 1,332 | 8.4 kW | $30,240 | 23.3 yrs | $2,736 |
| Hobart | 1,330 | 8.4 kW | $30,240 | 23.4 yrs | $2,686 |
| Saint John | 1,330 | 8.4 kW | $30,240 | 23.4 yrs | $2,686 |
| Gary | 1,329 | 8.4 kW | $30,240 | 23.4 yrs | $2,661 |
| Muncie | 1,329 | 8.4 kW | $30,240 | 23.4 yrs | $2,661 |
| Valparaiso | 1,328 | 8.4 kW | $30,240 | 23.4 yrs | $2,637 |
| Kokomo | 1,327 | 8.4 kW | $30,240 | 23.4 yrs | $2,612 |
| Logansport | 1,327 | 8.4 kW | $30,240 | 23.4 yrs | $2,612 |
| Dyer | 1,327 | 8.4 kW | $30,240 | 23.4 yrs | $2,612 |
| Bloomington | 1,326 | 8.4 kW | $30,240 | 23.4 yrs | $2,587 |
| Portage | 1,326 | 8.4 kW | $30,240 | 23.4 yrs | $2,587 |
| Schererville | 1,326 | 8.4 kW | $30,240 | 23.4 yrs | $2,587 |
| Hammond | 1,325 | 8.4 kW | $30,240 | 23.4 yrs | $2,562 |
| Munster | 1,325 | 8.4 kW | $30,240 | 23.4 yrs | $2,562 |
| Broad Ripple | 1,325 | 8.4 kW | $30,240 | 23.4 yrs | $2,562 |
| Yorktown | 1,325 | 8.4 kW | $30,240 | 23.4 yrs | $2,562 |
| East Chicago | 1,321 | 8.4 kW | $30,240 | 23.5 yrs | $2,463 |
| Cedar Lake | 1,321 | 8.4 kW | $30,240 | 23.5 yrs | $2,463 |
| Merrillville | 1,319 | 8.4 kW | $30,240 | 23.5 yrs | $2,414 |
| Highland | 1,318 | 8.4 kW | $30,240 | 23.5 yrs | $2,389 |
| Griffith | 1,317 | 8.4 kW | $30,240 | 23.5 yrs | $2,364 |
| Madison | 1,316 | 8.4 kW | $30,240 | 23.6 yrs | $2,340 |
| Peru | 1,313 | 8.4 kW | $30,240 | 23.6 yrs | $2,265 |
| New Haven | 1,312 | 8.4 kW | $30,240 | 23.6 yrs | $2,241 |
| Goshen | 1,311 | 8.4 kW | $30,240 | 23.6 yrs | $2,216 |
| South Bend | 1,310 | 8.4 kW | $30,240 | 23.6 yrs | $2,191 |
| Marion | 1,310 | 8.4 kW | $30,240 | 23.6 yrs | $2,191 |
| Auburn | 1,309 | 8.4 kW | $30,240 | 23.7 yrs | $2,166 |
| Wabash | 1,306 | 8.4 kW | $30,240 | 23.7 yrs | $2,092 |
| Michigan City | 1,304 | 8.4 kW | $30,240 | 23.7 yrs | $2,043 |
| Decatur | 1,304 | 8.4 kW | $30,240 | 23.7 yrs | $2,043 |
| Plymouth | 1,302 | 8.4 kW | $30,240 | 23.8 yrs | $1,993 |
| Warsaw | 1,301 | 8.4 kW | $30,240 | 23.8 yrs | $1,968 |
| Chesterton | 1,300 | 8.4 kW | $30,240 | 23.8 yrs | $1,943 |
| Bluffton | 1,300 | 8.4 kW | $30,240 | 23.8 yrs | $1,943 |
| La Porte | 1,299 | 8.4 kW | $30,240 | 23.8 yrs | $1,919 |
| Otis | 1,299 | 8.4 kW | $30,240 | 23.8 yrs | $1,919 |
| Fort Wayne | 1,298 | 8.4 kW | $30,240 | 23.8 yrs | $1,894 |
| Elkhart | 1,292 | 8.4 kW | $30,240 | 23.9 yrs | $1,745 |
| Kendallville | 1,290 | 8.4 kW | $30,240 | 23.9 yrs | $1,696 |
| Huntington | 1,286 | 8.8 kW | $31,680 | 24.0 yrs | $1,673 |
| Mishawaka | 1,285 | 8.8 kW | $31,680 | 24.0 yrs | $1,647 |
| Granger | 1,283 | 8.8 kW | $31,680 | 24.0 yrs | $1,595 |