Solar Panel Cost Guide in Lake Station, IN (2025 Update)
- Lake Station Solar Installation Cost: $25,659
- 25-Year Savings: $31,050
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Lake Station
Find out what the average cost of installing solar panels is in Lake Station.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Station, the average cost of a solar system is 4 per watt.The average solar panel system size in Lake Station is around 8.9 kilowatts, meaning a cost of about $25,659 for a solar installation, or $36,692 before the 0 federal solar tax credit is applied.
The true cost of your system can go above or below the average in Lake Station depending on several factors, such as the brand of solar panels you choose and the solar company you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $20,000 over 20 years on utility bills.
Click the button below to get connected to a top solar company in Lake Station for a custom quote.
Solar savings over time in Lake Station
| Year | Return on Investment |
|---|---|
| 1 years | $-23,940 |
| 3 years | $-20,500 |
| 5 years | $-17,061 |
| 7 years | $-13,621 |
| 9 years | $-10,182 |
| 11 years | $-6,742 |
| 13 years | $-3,303 |
| 15 years | $137 |
| 17 years | $3,576 |
| 19 years | $7,015 |
| 21 years | $10,455 |
| 23 years | $13,894 |
| 25 years | $17,334 |
Top Solar Installers in Lake Station
Although you can install solar panels by yourself, it requires extra effort and expertise. That's one of the reasons most homeowners choose a solar panel installer. In addition, if you’d like to maximize your investment in solar energy, opting for a solar company can help with that too. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
See all of the solar companies in Lake Station
Factors that Affect Solar Panel Costs in Lake Station
For many Lake Station homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lake Station, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Lake Station, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by about $4,100 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Lake Station average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Station to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest.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 original 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 installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lake Station, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lake Station 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 that service. 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 | $4.26 | $17,909 | $14,185 | 14.0 years |
| 8 kW | $4.18 | $23,419 | $19,372 | 13.7 years |
| 10 kW | $4.10 | $28,700 | $24,789 | 13.4 years |
| 12 kW | $4.02 | $33,751 | $30,435 | 13.1 years |
| 14 kW | $3.94 | $38,573 | $36,312 | 12.9 years |
| 16 kW | $3.85 | $43,165 | $42,417 | 12.6 years |
| 18 kW | $3.77 | $47,527 | $48,753 | 12.3 years |
| 20 kW | $3.69 | $51,660 | $55,318 | 12.1 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: The type of solar panel you want to install plays a role in which installer you should opt for, since different companies provide different panels.
EcoWatch's Lake Station, IN Solar Cost FAQs
How much does it cost to install solar panels in Lake Station?
The average cost of solar panels in Lake Station is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.