Solar Panel Cost Guide in Lake Wales, FL (2024 Update)
- Lake Wales Solar Installation Cost: $12,358
- 25-Year Savings: $24,610
- Payback Period: 9.0 Years
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Average Cost of Solar Panels in Lake Wales
Here’s how much it might cost to switch to solar power in Lake Wales.
Although the national average of solar panels is $2.66 per watt, solar panels in Lake Wales generally cost around 3.Because a 5.5-kW system is needed to cover the energy costs of a typical home in Lake Wales, the average price of going solar will be about $12,358 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Lake Wales homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the significant upfront cost, the average Lake Wales homeowner can save about $25,000 on their energy bills over 20 years, which is one of the perks of solar.
To receive a free quote from a pre-vetted solar company in Lake Wales, you can click the button below.
Solar savings over time in Lake Wales
| Year | Return on Investment |
|---|---|
| 1 years | $-10,583 |
| 3 years | $-7,034 |
| 5 years | $-3,484 |
| 7 years | $65 |
| 9 years | $3,615 |
| 11 years | $7,164 |
| 13 years | $10,714 |
| 15 years | $14,264 |
| 17 years | $17,813 |
| 19 years | $21,363 |
| 21 years | $24,912 |
| 23 years | $28,462 |
| 25 years | $32,011 |
Top Solar Installers in Lake Wales
Although you can install solar panels by yourself, it involves extra labor and expertise. That's why most homeowners choose to hire a solar panel installer. Some solar companies, especially local ones, can help you better understand incentives in Lake Wales, optimizing your ROI.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 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 Wales
Factors that Affect Solar Panel Costs in Lake Wales
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Lake Wales: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need 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 $3,210.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Wales to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.When figuring out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in Lake Wales, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.You may notice 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 specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.34 | $14,021 | $23,452 | 9.4 years |
| 8 kW | $3.27 | $18,336 | $31,629 | 9.2 years |
| 10 kW | $3.21 | $22,470 | $39,986 | 9.0 years |
| 12 kW | $3.15 | $26,425 | $48,522 | 8.8 years |
| 14 kW | $3.08 | $30,200 | $57,238 | 8.6 years |
| 16 kW | $3.02 | $33,795 | $66,134 | 8.5 years |
| 18 kW | $2.95 | $37,210 | $75,210 | 8.3 years |
| 20 kW | $2.89 | $40,446 | $84,465 | 8.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer good-quality solar panel installation and expertise.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
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 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 Wales, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Wales?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lake Wales?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Lake Wales?
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 enough sunlight and/or your power bills are already fairly 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 their energy production will have decreased significantly after that point. You can choose 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.