Best 4 Solar Companies in Lafayette, IN

How To Choose the Best Solar Company in Lafayette

Choosing a company is the first step toward a well-oiled and cost-efficient solar array. Make your choice based on the following vital factors.

Licensing and Training

In Indiana, there are no electrical or solar contracting licenses at the state level, though local communities might adopt their own licensing programs. Solar companies can also pursue certifications from standards organizations and trade groups. The most recognized ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.

Cost of Solar Panels in Lafayette

Your photovoltaic panels' type will influence how much electricity you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.

Additional accessories, such as battery storage and electric vehicle (EV) chargers, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies include these additional features, so look for a provider that installs them if it's essential for you.

If you're a resident of Lafayette and are looking into 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.

Financing Solar Energy in Lafayette

There are a plethora of ways to pay for a solar energy system, and the right one will lower your costs. A few of the most common options include cash payments, leases, loans, and power purchase agreements (PPAs). Though it involves a large up-front payment, cash is the most cost-effective choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a car or home loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to 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. Look for providers that offer multiple payment plans to find the right fit for your financial needs.

The table below lists the average payback periods for different capacities of solar systems in Lafayette.

You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. Local and state governments and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you more.