Solar Panel Cost Guide in Lake Lorraine, FL (2023 Update)
- Lake Lorraine Solar Installation Cost: $10,288
- 25-Year Savings: $25,550
- Payback Period: 7.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Lorraine
Here's how much it might cost to switch to solar power in Lake Lorraine.
The average cost of solar panels in Lake Lorraine is 2.53 per watt. To cover the typical energy needs of the average home in Lake Lorraine, most homeowners require a 5.8-kilowatt system. Using the figure above, a solar installation costs around $10,290, or $14,715 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Lake Lorraine homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a solid investment. The average homeowner in Lake Lorraine can save around $23,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Lorraine
| Year | Return on Investment |
|---|---|
| 1 years | $-10,169 |
| 3 years | $-9,930 |
| 5 years | $-9,691 |
| 7 years | $-9,452 |
| 9 years | $-9,213 |
| 11 years | $-8,974 |
| 13 years | $-8,735 |
| 15 years | $-8,497 |
| 17 years | $-8,258 |
| 19 years | $-8,019 |
| 21 years | $-7,780 |
| 23 years | $-7,541 |
| 25 years | $-7,302 |
Top Solar Installers in Lake Lorraine
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make switching to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar company in Lake Lorraine, we've put together a list of our top suggestions here:
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 Lorraine
Factors that Affect Solar Panel Costs in Lake Lorraine
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Lake Lorraine: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake Lorraine, where sunlight is abundant, efficiency can quickly pay off. In addition, 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
Many homeowners find the average cost of solar in Lake Lorraine to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. However, the interest on solar loans also adds to your all-in costs, so it's important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lake Lorraine is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services at different costs. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $25,963 | 7.5 years |
| 8 kW | $2.58 | $14,451 | $34,900 | 7.3 years |
| 10 kW | $2.53 | $17,710 | $43,980 | 7.2 years |
| 12 kW | $2.48 | $20,827 | $53,200 | 7.0 years |
| 14 kW | $2.43 | $23,802 | $62,563 | 6.9 years |
| 16 kW | $2.38 | $26,636 | $72,067 | 6.7 years |
| 18 kW | $2.33 | $29,328 | $81,713 | 6.6 years |
| 20 kW | $2.28 | $31,878 | $91,501 | 6.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you care about the endurance of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Lorraine, FL Solar Cost FAQs
How much does it cost to install solar panels in Lake Lorraine?
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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lake Lorraine?
You can't get solar panels for free in Lake Lorraine. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Does Lake Lorraine have a net metering program?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.