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.
In Lake Elsinore, solar panels cost about 3 per watt on average.To account for the typical energy usage of the average home in Lake Elsinore, most homeowners require a 2.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $6,803, or $9,728 before the federal solar tax credit of 0 is applied.
The true price you pay can go above or below the average in Lake Elsinore based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.With typical savings of about $26,000 on utility bills over 20 years, many homeowners in Lake Elsinore find going solar has a decent ROI.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, 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
Although you can install solar panels yourself, it involves extra effort and handiness. That's why the majority of homeowners choose to go with a solar panel installer. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lake Elsinore
Factors that Affect Solar Panel Costs in Lake Elsinore
For many Lake Elsinore homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lake Elsinore, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Lake Elsinore, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your total cost can increase by about $3,470 for each additional kilowatt you need.The kind of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than 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 looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Lake Elsinore homeowners choose to finance their solar panel systems to make going solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you get to install your solar system can affect the cost. Lake Elsinore’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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
There are many companies to choose from in Lake Elsinore, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: The kind of solar panel you need to install plays a role in which company you should opt for, since different companies provide different panels.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lake Elsinore, CA Solar Cost FAQs
What is the average cost of installing solar panels in Lake Elsinore?
The average cost of solar panels in Lake Elsinore is about $17,350 for a 5-kW system and $34,700 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Lake Elsinore?
You can’t get solar panels for free in Lake Elsinore. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Does Lake Elsinore have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity 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 how much 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 get between 20 and 35 panels to account for 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.