Solar Panel Cost Guide in Lafayette, IL (2024 Update)
- Lafayette Solar Installation Cost: $16,523
- 25-Year Savings: $13,877
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Lafayette
We break down average solar pricing in Lafayette.
The average cost of solar panels in Lafayette is 4 per watt.Because a 6.3-kW system is needed to cover the energy costs of a typical home in Lafayette, the average price of going solar will be about $16,523 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of Lafayette 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.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on power bills.
Click the button below to get connected to a top solar panel company in Lafayette for a personalized quote.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-15,672 |
| 3 years | $-13,971 |
| 5 years | $-12,270 |
| 7 years | $-10,568 |
| 9 years | $-8,867 |
| 11 years | $-7,166 |
| 13 years | $-5,465 |
| 15 years | $-3,763 |
| 17 years | $-2,062 |
| 19 years | $-361 |
| 21 years | $1,341 |
| 23 years | $3,042 |
| 25 years | $4,743 |
Top Solar Installers in Lafayette
When switching to solar energy, many homeowners opt to go with a solar installation company since overseeing your solar installation yourself can be a challenging project. Some solar companies, particularly local ones, can help you make the most of incentives in Lafayette, thereby optimizing your ROI.
If you're searching for a solar company in Lafayette, we've compiled 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lafayette
Factors that Affect Solar Panel Costs in Lafayette
For many Lafayette homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lafayette, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,760.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Lafayette homeowners decide to finance their solar panel systems to make paying for solar more affordable.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 final significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Lafayette, you’ll have many options to choose from, but each comes at various price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger 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 | $3.91 | $16,424 | $8,306 | 16.6 years |
| 8 kW | $3.84 | $21,477 | $11,495 | 16.3 years |
| 10 kW | $3.76 | $26,320 | $14,895 | 16.0 years |
| 12 kW | $3.68 | $30,952 | $18,506 | 15.6 years |
| 14 kW | $3.61 | $35,374 | $22,327 | 15.3 years |
| 16 kW | $3.53 | $39,585 | $26,359 | 15.0 years |
| 18 kW | $3.46 | $43,586 | $30,602 | 14.7 years |
| 20 kW | $3.38 | $47,376 | $35,055 | 14.4 years |
How to Save on Solar Panels
There are a large number of companies available in Lafayette, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- 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 likely has a good reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you want plays a part in which company you should opt for, since different companies provide different panels.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lafayette, IL Solar Cost FAQs
How much does it cost to install solar panels in Lafayette?
The average cost of solar panels in Lafayette is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lafayette?
You can’t get solar panels for free in Lafayette. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $824.31 per year.
How long do solar panels last in Lafayette?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.