Solar Panel Cost in Carmel, IN
Updated 2026 guide to solar panel prices, savings, and payback period in Carmel.
Estimated Solar Savings
Solar Panel System Costs in Carmel, IN
Below are estimated costs for different solar panel system sizes in Carmel, including the 30% federal solar tax credit.
| System Size | Cost Before Incentives | Federal Tax Credit (30%) | Net Cost | Est. Annual Production |
|---|---|---|---|---|
| 4 kW | $11,800 | -$3,540 | $8,260 | 5,840 kWh |
| 6 kWMost Popular | $17,700 | -$5,310 | $12,390 | 8,760 kWh |
| 8 kW | $23,600 | -$7,080 | $16,520 | 11,680 kWh |
| 10 kW | $29,500 | -$8,850 | $20,650 | 14,600 kWh |
| 12 kW | $35,400 | -$10,620 | $24,780 | 17,520 kWh |
What Affects Solar Panel Cost in Carmel?
The average cost of solar panels in Carmel, IN is approximately $295/watt before incentives. For a typical 6kW residential system, that means a total cost of about $17,700 before the federal tax credit.
After applying the 30% federal Investment Tax Credit (ITC), your net cost drops to approximately $12,390.Carmel homeowners typically see a payback period of 9 years and save an estimated $27,000 over 25 years.
Factors that affect your cost in Carmel:
- System size: Larger systems cost more but have a lower cost per watt
- Equipment quality: Premium panels and inverters cost more but offer better efficiency
- Roof complexity: Steep roofs, multiple levels, or shading can increase installation costs
- Local labor rates: Installation costs vary within the Carmel metro area
- Local permits: Permitting costs and requirements vary by municipality in Carmel
- Incentives: State and local programs can significantly reduce your out-of-pocket cost
Solar Incentives Available in Carmel
Federal Solar Investment Tax Credit
30% Federal Tax Credit (ITC)
Indiana homeowners can claim the 30% federal Investment Tax Credit on solar installations.
State & Local Incentives
Net Metering (Limited)
Net MeteringIndiana net metering is being phased down, with new solar customers receiving reduced compensation for excess generation.
Net Metering
Indiana's net metering has been restructured. New solar customers after July 2022 receive excess generation credits at approximately 125% of the average wholesale rate rather than the full retail rate.
AvailableSRECs
Indiana does not have an SREC market. The state's voluntary clean energy goals do not include solar-specific requirements.
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Solar Panel Cost FAQ - Carmel, IN
The average cost of solar panels in Carmel is approximately $2.95 per watt before incentives. A typical 6kW residential system costs about $17,700 before the 30% federal tax credit, bringing the net cost to around $12,390.
The typical payback period for solar panels in Carmel is approximately 9 years. After that, you'll enjoy free electricity for the remaining 15-20+ years of your system's life, saving an estimated $27,000 over 25 years.
Carmel homeowners can take advantage of the 30% federal solar tax credit, which reduces your system cost by 30%. Indiana also offers net metering, and various state-level incentive programs. Check our incentives page for the complete list.
Carmel homeowners can save an estimated $27,000 over 25 years by going solar. Actual savings depend on your electricity usage, system size, roof orientation, and available incentives. With electricity rates averaging $0.13/kWh in Indiana, solar provides significant long-term savings.
Solar Costs in Other Indiana Cities
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