Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Better energy independence: Solar panel systems with battery backups and storage systems function through power outages and emergencies, and you won't have to rely on the grid for your safety and comfort.
- Lowered energy bills: You can skip the expensive cost of grid-tied power by creating some electricity at home. Plus, many states provide net metering which can allow you to sell your unused energy back to credit part of your bill.
- Reduced carbon footprint: Embracing solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Fort Wayne Homeowners?
Indiana's public agencies and power companies offer numerous solar incentives to help lower your solar system costs. Here is a breakdown of available solar programs where you live.
Incentive Type: Property Tax Incentive
Website: in.govIncentive Amount:
Solar energy systems used for heating or cooling: out-of-pocket expenditures by the owner for the components and labor
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
Incentive Type: Rebate Program
Website: nobleremc.comIncentive Amount:
Dual Fuel Heat Pump: $500
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250-$750
Ground Source Heat Pump: $1500
Heat Pump Water Heater: $400
Incentive Type: Rebate Program
Website: powermoves.comIncentive Amount:
Dual Fuel Heat Pump: $500
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250 - $750
Geothermal Heat Pump: $1,500
Heat Pump Water Heater: $400/unit
HVAC: Varies depending on ZIP code. See program website
Incentive Type: Feed-in Tariff
Website: nipsco.comIncentive Amount:
Wind 3 - 10 kW: $0.23 - $0.25/kWh
Wind 10 kW-200 kW: $0.15 - $0.138/kWh
Solar 5 kW - 10 kW: $0.17 - $0.1564/kWh
Solar 10 - 200 kW: $0.15/kWh - $0.138/kWh
Biomass 100kW - 1 MW: $0.0918/kWh
Incentive Type: Rebate Program
Website: electricideas.comIncentive Amount:
Wi-Fi/Smart Thermostat: $50-$100
Air Source Heat Pump: $100 - $200/ton
Ductless Heat Pump/Mini Split: $80 - $285/ton
Geothermal Heat Pump: $120-$240/ton
Packaged Terminal Heat Pump: $100-$250
ECM Furnace Fan Motor: $100
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $200
Dehumidifier: $25
Incentive Type: Rebate Program
Website: nremc.comIncentive Amount:
Smart Thermostat: $200
Geothermal Heat Pump: $500 OR $100/ton (whichever is greater)
Air Source Heat Pump: $500
Water Heater: up to $400
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Fort Wayne
Choosing a company is the first step toward a well-oiled and valuable solar array. Make your choice based on the following vital factors.
Licensing and Training
Indiana does not issue electrical or solar contracting licenses at the state level, though cities and counties might adopt their own licensing programs. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar industry's most reputed trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Fort Wayne
The kind of solar panels you select determines how much energy you can produce. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
You can also add electric vehicle (EV) chargers and battery backup systems. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not every solar provider offers these additional features, so look for a company that installs them if it's a priority for you.
If you're a resident of Fort Wayne and are considering getting a five-kilowatt solar energy system, you could expect to pay about $20,500 for parts and installation. See more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,107 |
Solar Polycrystalline | $863 |
Thin-Film | $505 |
Solar Battery | $708 |
Solar Home EV Charger | $2,656 |
Financing Solar Energy in Fort Wayne
Choosing the correct financing option will affect your overall solar system cost and potential savings. Common payment options include cash payments, power purchase agreements, loans, and leases. Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to a car or home loan, you'll pay a set monthly rate with potentially $0 down. Solar leases let you rent your panels for a set monthly rate, while PPAs let you pay only for the energy you use, similar to an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. We advise working with a company that offers multiple financing options. Ask each salesperson about what's available, and acquire more than one estimate for the best odds of keeping within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Fort Wayne.
A 26% federal solar tax credit applies to recently-purchased solar equipment purchased through 2032. Additional incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
Solar System Capacity | Estimated Payback period |
---|---|
1 kW | 2.1 years |
2 kW | 4.1 years |
5 kW | 10.4 years |
10 kW | 20.7 years |
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Frequently Asked Questions About Solar in Fort Wayne
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