Solar Panel Cost Guide in Lawrence, IL (Mar 2023)
- Lawrence Solar Installation Cost: $11,886
- 25-Year Savings: $11,668
- Payback Period: 12.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of a solar system is in Lawrence.
While the national average of solar panels is $2.66 per watt, solar panels in Lawrence generally cost about 2.73. Using this figure, a typical 6.2-kW system would cost about $11,886 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of equipment you want, your solar contractor and more. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on utility bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-10,944 |
| 3 years | $-9,060 |
| 5 years | $-7,176 |
| 7 years | $-5,291 |
| 9 years | $-3,407 |
| 11 years | $-1,523 |
| 13 years | $362 |
| 15 years | $2,246 |
| 17 years | $4,130 |
| 19 years | $6,015 |
| 21 years | $7,899 |
| 23 years | $9,783 |
| 25 years | $11,668 |
Top Solar Installers in Lawrence
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make your switch to solar power much easier. Solar warranties and repairs are ordinarily included in the cost of installation when you hire a solar company as well, which can save you more money over time.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
The cost of installing a solar system in Lawrence can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use 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 $2,730. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lawrence, where sunlight is relatively 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
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Lawrence, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Lawrence, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, 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 | $2.84 | $11,925 | $10,798 | 13.1 years |
| 8 kW | $2.78 | $15,594 | $14,703 | 12.9 years |
| 10 kW | $2.73 | $19,110 | $18,761 | 12.6 years |
| 12 kW | $2.68 | $22,473 | $22,972 | 12.4 years |
| 14 kW | $2.62 | $25,684 | $27,336 | 12.1 years |
| 16 kW | $2.57 | $28,741 | $31,852 | 11.9 years |
| 18 kW | $2.51 | $31,646 | $36,522 | 11.6 years |
| 20 kW | $2.46 | $34,398 | $41,344 | 11.4 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose significantly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lawrence, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
The average cost of solar panels in Lawrence is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Lawrence?
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 give you credit toward your future power bills.
How long do solar panels last in Lawrence?
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 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.
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.