Solar Panel Cost Guide in Lafayette, IL (2023 Update)
- Lafayette Solar Installation Cost: $12,001
- 25-Year Savings: $13,873
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lafayette
Let's have a look at the average cost of solar panels in Lafayette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lafayette, the typical cost of a solar system is 2.73 per watt. The average Lafayette homeowner needs a 6.3-kilowatt system, which would cost about $12,001 with the federal tax credit, or $17,161 before the 30% tax credit is applied.
These figures are only estimates, and your own solar costs will most likely differ based on your specific situation and what company you want to go with. With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Lafayette find installing solar panels has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-10,966 |
| 3 years | $-8,896 |
| 5 years | $-6,826 |
| 7 years | $-4,756 |
| 9 years | $-2,686 |
| 11 years | $-617 |
| 13 years | $1,453 |
| 15 years | $3,523 |
| 17 years | $5,593 |
| 19 years | $7,663 |
| 21 years | $9,733 |
| 23 years | $11,803 |
| 25 years | $13,873 |
Top Solar Installers in Lafayette
Many homeowners decide to use a solar panel company since figuring out how to install solar panels by yourself can be hard. The expertise that solar companies offer can be invaluable as well, especially if you don't quite know what kind of solar equipment you need.
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 nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lafayette
Factors that Affect Solar Panel Costs in Lafayette
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Lafayette: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,730. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bump up your total well above the Lafayette average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lafayette to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. However, the interest on solar loans also increases your overall costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Lafayette is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $12,805 | 12.1 years |
| 8 kW | $2.78 | $15,594 | $17,378 | 11.8 years |
| 10 kW | $2.73 | $19,110 | $22,105 | 11.6 years |
| 12 kW | $2.68 | $22,473 | $26,985 | 11.4 years |
| 14 kW | $2.62 | $25,684 | $32,018 | 11.1 years |
| 16 kW | $2.57 | $28,741 | $37,203 | 10.9 years |
| 18 kW | $2.51 | $31,646 | $42,541 | 10.7 years |
| 20 kW | $2.46 | $34,398 | $48,033 | 10.4 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Contract: Before you sign a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lafayette, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Lafayette have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out 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 house 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.