Solar Panel Cost Guide in Lakewood, CA (2024 Update)
- Lakewood Solar Installation Cost: $6,920
- 25-Year Savings: $13,325
- Payback Period: 9.2 Years
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Average Cost of Solar Panels in Lakewood
Let’s have a look at the average cost of solar in Lakewood.
The national average cost of solar panels is $2.66 per watt, but in Lakewood it’s 3 per watt.Because a 2.8-kW system is needed to cover the energy usage of a typical home in Lakewood, the average price of going solar will be about $6,920 after claiming the federal solar tax credit of 0.
The true cost of your system can be higher or lower than the average in Lakewood based on several factors, such as the brand of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $25,000 over 20 years on power bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-5,736 |
| 3 years | $-3,366 |
| 5 years | $-997 |
| 7 years | $1,373 |
| 9 years | $3,742 |
| 11 years | $6,112 |
| 13 years | $8,481 |
| 15 years | $10,851 |
| 17 years | $13,220 |
| 19 years | $15,590 |
| 21 years | $17,959 |
| 23 years | $20,329 |
| 25 years | $22,698 |
Top Solar Installers in Lakewood
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
There are various licensed solar professionals that can help you install your solar system. 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 Lakewood
Factors that Affect Solar Panel Costs in Lakewood
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lakewood, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Lakewood have solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make going solar more accessible for Lakewood homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in Lakewood, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Lakewood are more knowledgeable about local solar incentives and can help you learn about 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 help you save 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 | $24,370 | 9.6 years |
| 8 kW | $3.54 | $19,821 | $32,882 | 9.4 years |
| 10 kW | $3.47 | $24,290 | $41,589 | 9.2 years |
| 12 kW | $3.40 | $28,565 | $50,489 | 9.0 years |
| 14 kW | $3.33 | $32,646 | $59,584 | 8.8 years |
| 16 kW | $3.26 | $36,532 | $68,874 | 8.7 years |
| 18 kW | $3.19 | $40,224 | $78,357 | 8.5 years |
| 20 kW | $3.12 | $43,722 | $88,035 | 8.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Warranty: If you care about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
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 Lakewood, CA Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood?
The average cost of solar panels in Lakewood is about $17,350 for a 5-kW system and $34,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lakewood?
Leasing solar panels can be an option if you are unable 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 property 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.
How will solar panels impact the value of my home?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.