Solar Panel Cost Guide in Lawrence, IL (2024 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.
In Lawrence, solar panels cost about 4 per watt on average.To cover 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 about $16,370, or $23,409 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you will most likely vary based on your specific situation and what company you want to go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on power bills.
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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
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make converting to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you choose which one will be right for your family.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
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 discuss 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 consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lawrence, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar companies in Lawrence provide solar loans, which reduce the initial cost of installing solar panels.Though solar loans make going solar more accessible for Lawrence homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Lawrence, and each can charge different amounts for labor and equipment.Additionally, some companies in Lawrence are more knowledgeable about local solar incentives and can help you make good use 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
The solar company you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
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 afford 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 making the switch to solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having 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.