Solar Panel Cost Guide in Lawrence, IL (2025 Update)
- Lawrence Solar Installation Cost: $16,370
- 25-Year Savings: $11,669
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of solar panels are in Lawrence.
Although the national average of solar panels is $2.66 per watt, solar panels in Lawrence typically cost around 4.To account for the typical energy usage of the average home in Lawrence, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs around $16,370, or $23,409 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy consumption and what company you go with.For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.
To receive a free quote from a top solar company in Lawrence, you can click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-15,519 |
| 3 years | $-13,818 |
| 5 years | $-12,116 |
| 7 years | $-10,415 |
| 9 years | $-8,714 |
| 11 years | $-7,013 |
| 13 years | $-5,311 |
| 15 years | $-3,610 |
| 17 years | $-1,909 |
| 19 years | $-207 |
| 21 years | $1,494 |
| 23 years | $3,195 |
| 25 years | $4,897 |
Top Solar Installers in Lawrence
Trying to install solar panels on your own can be a time-consuming project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar companies provide can be invaluable as well, especially if you don’t quite know what type of solar equipment would be right for your home.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Lawrence: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Lawrence, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $3,760 for each additional kilowatt you need.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Lawrence average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lawrence to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lawrence, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lawrence know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $6,299 | 18.1 years |
| 8 kW | $3.84 | $21,477 | $8,820 | 17.7 years |
| 10 kW | $3.76 | $26,320 | $11,551 | 17.4 years |
| 12 kW | $3.68 | $30,952 | $14,493 | 17.0 years |
| 14 kW | $3.61 | $35,374 | $17,646 | 16.7 years |
| 16 kW | $3.53 | $39,585 | $21,009 | 16.3 years |
| 18 kW | $3.46 | $43,586 | $24,582 | 16.0 years |
| 20 kW | $3.38 | $47,376 | $28,366 | 15.6 years |
How to Save on Solar Panels
There are a lot of companies available in Lawrence, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- 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 install your solar system. Another way you can check your installer’s reputation is by reading reviews.
EcoWatch's Lawrence, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lawrence?
You can’t get solar panels for free in Lawrence. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Although 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 replace them after having 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.