Solar Panel Cost Guide in Lake City, FL (2023 Update)
- Lake City Solar Installation Cost: $10,201
- 25-Year Savings: $21,111
- Payback Period: 8.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake City
See how much it might cost to switch to solar power in Lake City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake City, the average cost of a solar system is 2.53 per watt. To cover the typical energy needs of the average home in Lake City, most homeowners require a 5.8-kilowatt system. Using the figure above, a solar installation costs about $10,201, or $14,587 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lake City homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $21,000 on energy bills over 20 years, many homeowners in Lake City find going solar can be quite rewarding.
You can click the button below to get connected with a vetted solar installer in Lake City for a quote for your home.
Solar savings over time in Lake City
| Year | Return on Investment |
|---|---|
| 1 years | $-10,096 |
| 3 years | $-9,887 |
| 5 years | $-9,679 |
| 7 years | $-9,470 |
| 9 years | $-9,261 |
| 11 years | $-9,053 |
| 13 years | $-8,844 |
| 15 years | $-8,635 |
| 17 years | $-8,426 |
| 19 years | $-8,218 |
| 21 years | $-8,009 |
| 23 years | $-7,800 |
| 25 years | $-7,591 |
Top Solar Installers in Lake City
Installing solar panels on your own can be a challenging undertaking, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 City
Factors that Affect Solar Panel Costs in Lake City
The cost of installing a solar system in Lake City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,530. There are a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake City to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. While solar loans make going solar more accessible for Lake City homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 solar company you choose to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Lake City, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.63 | $11,051 | $21,566 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $29,038 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,652 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $44,407 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,305 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,343 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,524 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,846 | 7.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking over 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 the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 City, FL Solar Cost FAQs
How much does it cost to install solar panels in Lake City?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,650 for a 5-kW system and $25,300 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 higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Lake City?
Solar panels aren't free in Lake City, 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 you can take advantage of.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,087.24 per year.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.