Solar Savings Calculator for Carmel, IN
Homeowners in Carmel pay an average of $160/month for electricity through Duke Energy Indiana. With 4.2 peak sun hours per day, solar panels can significantly reduce your energy costs.
$160
Avg Monthly Bill
15.5¢/kWh
Electricity Rate
4.2h/day
Peak Sun Hours
$50,402
Est. 25-Year Savings
Calculate Your Savings in Carmel
Adjust Your Details for Carmel, IN
$
$50$1,000
50010,000
5¢50¢
Your Estimated Solar Savings
System Size
8.4 kW
Panel Count
21 panels
Total System Cost
$23,520
Federal Tax Credit (30%)
-$7,056
Net Cost
$16,464
Annual Savings
$1,920
Payback Period
8.6 years
25-Year Savings
$50,402
Return on Investment
306%
* Estimates based on 4.2 peak sun hours/day in Carmel, IN, system cost of $2.8/watt, 30% federal ITC, 3% annual electricity inflation, and 0.5% annual panel degradation over 25 years. Actual results may vary.
Local Solar Details for Carmel
Utility & Permits
- Utility Company
- Duke Energy Indiana
- Permit Cost
- $350
- Permit Timeline
- 2-4 weeks
- Net Metering
- full
System Estimates
- Recommended Size
- 8.4 kW
- Panel Count
- 21 panels
- Gross Cost
- $23,520
- Net Cost (after credits)
- $16,464
Available Incentives for Carmel, IN
Federal Solar Investment Tax Credit (ITC)
Reduces federal income tax liability by 30% of the total cost of a solar energy system, including equipment and installation.
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