Solar Panel Cost Guide in Lawrence, IL (2023 Update)
- Lawrence Solar Installation Cost: $11,885
- 25-Year Savings: $11,669
- Payback Period: 12.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lawrence
Let's take a look at the average cost of solar panels in Lawrence.
In Lawrence, solar panels cost about 2.73 per watt on average. Using this figure, a typical 6.2-kW system would cost about $11,886 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. Despite the large upfront cost, the average Lawrence homeowner can save about $14,000 on their power bills over 20 years, which is one of the positives of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-11,807 |
| 3 years | $-11,650 |
| 5 years | $-11,493 |
| 7 years | $-11,336 |
| 9 years | $-11,179 |
| 11 years | $-11,022 |
| 13 years | $-10,865 |
| 15 years | $-10,708 |
| 17 years | $-10,551 |
| 19 years | $-10,394 |
| 21 years | $-10,237 |
| 23 years | $-10,080 |
| 25 years | $-9,923 |
Top Solar Installers in Lawrence
Many homeowners choose to use a solar panel company since installing solar panels yourself can be hard. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Even though the average cost of a solar system in Lawrence is $11,886, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,730. There are many different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green 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. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $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 kind of solar panels and the company you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- 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 large role in the company you hire.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lawrence, IL Solar Cost FAQs
How much does it cost to install solar panels in Lawrence?
This is a hard question to answer exactly, because the cost depends on a few different 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 additional 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 efficient solar panels.
Are solar panels free in Lawrence?
You can't get solar panels for free in Lawrence. 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'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Lawrence?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.