Solar Panel Cost Guide in Lawrenceville, IL (2024 Update)
- Lawrenceville 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 Lawrenceville
Let’s have a look at the average cost of solar panels in Lawrenceville.
The national average cost of solar panels is $2.66 per watt, but in Lawrenceville it’s 4 per watt.To account for the typical energy needs of the average home in Lawrenceville, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $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 panel system could cost. The exact cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy consumption and what company you go with.But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
Click the button below to get connected to a top solar panel company in Lawrenceville for a personalized quote.
Solar savings over time in Lawrenceville
| 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 Lawrenceville
Although it's possible to install solar panels on your own, it requires extra labor and knowledge. That's one of the reasons most people choose a solar panel installer. Local solar installers can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Lawrenceville
Factors that Affect Solar Panel Costs in Lawrenceville
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,760.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Lawrenceville, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Lawrenceville have solar loans, which reduce your upfront costs of installing a solar system.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lawrenceville, you’ll have many options to choose from, but each comes at various price points for labor and equipment.You may notice 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 specials to compete with those major players.
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 company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Solar Panel Brands: The type of solar panel you want plays a role in which company you should choose, since different companies provide different panels.
- Contract: Before signing a contract with a solar company, make sure to look it over completely 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 if there are any guarantees about energy production.
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 Lawrenceville, IL Solar Cost FAQs
What is the average cost of installing solar panels in Lawrenceville?
The average cost of solar panels in Lawrenceville 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lawrenceville?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had 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.