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.The average solar panel system size in Lawrenceville is around 6.2 kilowatts, meaning a cost of about $16,370 for a solar installation, or $23,409 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Lawrenceville homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find installing solar panels is a sound investment. The average homeowner in Lawrenceville can save about $14,000 on their power bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Lawrenceville for a quote for your home.
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 by yourself, it takes extra labor and expertise. For that reason, almost all homeowners choose to go with a solar panel installer. Local solar installers can also help you maximize your return on investment by assisting with any local incentives and by providing warranties and repairs.
If you're looking for a solar company in Lawrenceville, the EcoWatch team has put together a list of our top suggestions here:
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
For many Lawrenceville homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Lawrenceville, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation 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. 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable option because they lower 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 financing options, 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 interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 panel company you go with will affect 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 keep in mind, including:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: If you’re worried about the durability of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- 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 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lawrenceville?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact the value of my home?
Solar panels can increase your property’s value 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 solar panels."
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 decreases 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.