Solar Panel Cost Guide in Lake Elsinore, CA (2024 Update)
- Lake Elsinore Solar Installation Cost: $6,803
- 25-Year Savings: $14,157
- Payback Period: 8.7 Years
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Average Cost of Solar Panels in Lake Elsinore
Find out what the average cost of solar panel installation is in Lake Elsinore.
Although the national average of solar panels is $2.66 per watt, solar panels in Lake Elsinore generally cost around 3.The average Lake Elsinore homeowner needs a 2.8-kilowatt system, which would cost about $6,803 with the federal tax credit, or $9,728 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar system you want to get, your solar contractor and more.With typical savings of about $26,000 on utility bills over 20 years, many homeowners in Lake Elsinore find going solar can pay off big.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Elsinore
| Year | Return on Investment |
|---|---|
| 1 years | $-5,539 |
| 3 years | $-3,012 |
| 5 years | $-484 |
| 7 years | $2,043 |
| 9 years | $4,571 |
| 11 years | $7,099 |
| 13 years | $9,626 |
| 15 years | $12,154 |
| 17 years | $14,681 |
| 19 years | $17,209 |
| 21 years | $19,737 |
| 23 years | $22,264 |
| 25 years | $24,792 |
Top Solar Installers in Lake Elsinore
Many homeowners decide to hire a solar panel installer since trying to install solar panels yourself can be a lot of work. Another benefit of going with a solar installer is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Lake Elsinore
Factors that Affect Solar Panel Costs in Lake Elsinore
Even though the average cost of a solar system in Lake Elsinore is $6,803, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar system in Lake Elsinore, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,470 for each additional kilowatt you need.The type of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Lake Elsinore homeowners decide to finance their solar panel systems to make paying for solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in Lake Elsinore, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Lake Elsinore know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.61 | $15,157 | $26,635 | 9.1 years |
| 8 kW | $3.54 | $19,821 | $35,902 | 8.9 years |
| 10 kW | $3.47 | $24,290 | $45,363 | 8.7 years |
| 12 kW | $3.40 | $28,565 | $55,019 | 8.5 years |
| 14 kW | $3.33 | $32,646 | $64,869 | 8.4 years |
| 16 kW | $3.26 | $36,532 | $74,913 | 8.2 years |
| 18 kW | $3.19 | $40,224 | $85,152 | 8.0 years |
| 20 kW | $3.12 | $43,722 | $95,585 | 7.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The type of solar panel you need to get plays a part in which company you should opt for, since different companies have different panels.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Lake Elsinore, CA Solar Cost FAQs
What is the average cost of installing solar panels in Lake Elsinore?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $17,350 for a 5-kW system and $34,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Lake Elsinore?
Solar panels aren’t free in Lake Elsinore, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Lake Elsinore have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.