Our sample assumes a 10 KW solar PV installation and installed cost of $3.00 per watt. This keeps the math simple and allows you to estimate your own needs for your own property based upon electric bills.
Indianapolis gets on average 4.7 sun hours per day. Using a 10 KW solar PV system one could expect to produce about 13,462 kWh annually, or 1,121 kWh per month which is just a bit over the average home usage of 975 kWh for the State. Estimated Annual Savings would be $1,218. At a $30,000 total cost to install your simple payback is in 24 years. The long payback is a result of the modest sun hours and a very affordable $0.09 per kWh.
The above payback calculations do not take in to account any incentives, State or Federal