Solar Panel Cost Guide in Lake Mathews, CA (2023 Update)
- Lake Mathews Solar Installation Cost: $5,352
- 25-Year Savings: $14,620
- Payback Period: 6.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Mathews
Let's take a look at the average cost of solar in Lake Mathews.
The average cost of a solar system in Lake Mathews is 2.73 per watt. To account for the typical energy usage of the average home in Lake Mathews, most homeowners require a 2.8-kilowatt system. Using the figure above, a solar installation costs about $5,351, or $7,652 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in Lake Mathews based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $27,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Mathews
| Year | Return on Investment |
|---|---|
| 1 years | $-5,286 |
| 3 years | $-5,153 |
| 5 years | $-5,020 |
| 7 years | $-4,886 |
| 9 years | $-4,753 |
| 11 years | $-4,620 |
| 13 years | $-4,487 |
| 15 years | $-4,354 |
| 17 years | $-4,221 |
| 19 years | $-4,087 |
| 21 years | $-3,954 |
| 23 years | $-3,821 |
| 25 years | $-3,688 |
Top Solar Installers in Lake Mathews
Many homeowners opt for a solar panel installer since figuring out how to install solar panels yourself can be hard. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a vetted solar installer can help you make the most of your investment in solar. 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
See all of the solar companies in Lake Mathews
Factors that Affect Solar Panel Costs in Lake Mathews
While the average cost of a solar system in Lake Mathews is $5,351, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,730. There are many different solar panel brands and the one you pick also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Lake Mathews, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access 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 lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $30,861 | 7.0 years |
| 8 kW | $2.78 | $15,594 | $41,453 | 6.8 years |
| 10 kW | $2.73 | $19,110 | $52,199 | 6.7 years |
| 12 kW | $2.68 | $22,473 | $63,097 | 6.6 years |
| 14 kW | $2.62 | $25,684 | $74,148 | 6.4 years |
| 16 kW | $2.57 | $28,741 | $85,352 | 6.3 years |
| 18 kW | $2.51 | $31,646 | $96,710 | 6.2 years |
| 20 kW | $2.46 | $34,398 | $108,219 | 6.0 years |
How to Save on Solar Panels
There are numerous companies available in Lake Mathews, 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:
- Reputation: Your solar installer should have a good reputation as a company and have proven 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.
- Solar Panel Brands: The kind of solar panel you want to get plays a role in which installer you should choose, since different companies provide different panels.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lake Mathews, CA Solar Cost FAQs
How much does it cost to install solar panels in Lake Mathews?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lake Mathews?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Lake Mathews?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.