Is solar worth it in 47374 (Richmond, IN)?

With an average payback period of 12.6 years and 25-year savings of $27,775, solar panels in Richmond, Indiana can be worthwhile with available incentives.

How much do solar panels cost in 47374?

The average cost of a 6kW residential solar system in Richmond, Indiana is $14,000 before incentives. The federal 30% Investment Tax Credit reduces this to about $9,800.

How much solar electricity does 47374 get?

Richmond receives 4.63 kWh/m²/day of solar irradiance. A 6kW system in zip code 47374 produces approximately 8,112 kWh per year.

Solar Panel ROI in 47374

Richmond, Indiana — Is solar worth it here? Here's what the data says.

2.0x ROI Score

12.6 yrs Payback Period

$1,111/yr Annual Savings

$27,775 25-Year Savings

Your savings estimate

$ /mo bill

Annual savings $1,111

Payback 12.6 yrs

25-yr savings $27,775

Solar Calculator for 47374 (Richmond)

Adjust values to see your personalized solar ROI estimate for Richmond, Indiana.

System Size

System Cost

Electricity Rate

$ /kWh

Solar Irradiance

4.63 kWh/m²/day

Based on NREL data for Richmond, IN

ROI Score 2.0x

Annual Production 8,112 kWh

Annual Savings $1,111

Payback Period 12.6 years

25-Year Savings $27,775

After 30% ITC $9,800

Solar Data for 47374 – Richmond, IN

Solar Irradiance 4.63 kWh/m²/day -6.7% vs national avg

vs Indiana Avg +0% State avg: 4.66 kWh/m²/day

Electricity Rate $0.137/kWh Indiana average rate

Annual Production 8,112 kWh 6kW system estimate

Richmond's 4.63 kWh/m²/day is 6.7% below the national average. At $0.137/kWh, the 12.6-year payback is moderate. Tax credits and incentives can shorten it meaningfully.

Solar Incentives for Richmond, Indiana

★

Federal Investment Tax Credit (ITC)

Claim 30% of your system cost as a federal tax credit. On a $14,000 system, that's $4,200 back.

★

Net Metering

Most Indiana utilities offer net metering — sell excess electricity back to the grid at retail rates, accelerating your payback.

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Indiana State Programs

Check with the Indiana energy office for additional rebates, tax exemptions, and low-interest solar financing programs available in Richmond.

47374 vs Indiana Average

Solar Irradiance

47374: 4.63 IN avg: 4.66

Payback Period

47374: 12.6 yrs IN avg: 12.8 yrs

Annual Savings

47374: $1,111 IN avg: $1,090

25-Year Savings

47374: $27,775 IN avg: $27,250

See the full Indiana solar guide for statewide data and incentives.

Nearby Zip Codes — Solar Comparison

45231 Cincinnati, OH 2.1x ROI 12.1 yr payback 45211 Cincinnati, OH 2.1x ROI 12.1 yr payback 45431 Dayton, OH 2.1x ROI 12.2 yr payback 45201 Cincinnati, OH 2.1x ROI 12.1 yr payback 46218 Indianapolis, IN 2.0x ROI 12.6 yr payback