Solar Panel Cost Guide in Lawrence, IN (2023 Update)
- Lawrence Solar Installation Cost: $16,592
- 25-Year Savings: $22,129
- Payback Period: 10.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lawrence
We go over average solar pricing in Lawrence.
While the national average of solar panels is $2.66 per watt, solar panels in Lawrence generally cost about 2.68. The average solar panel system size in Lawrence is around 8.8 kilowatts, meaning a cost of about $16,584 for a solar installation, or $23,715 before the 30% federal solar tax credit is applied.
The true cost of your system can go above or below the average in Lawrence depending on a few factors, such as the model of solar panels you choose and the solar company you hire. Many homeowners find going solar is a fruitful investment. The average homeowner in Lawrence can save around $17,000 on their power bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-16,463 |
| 3 years | $-16,205 |
| 5 years | $-15,946 |
| 7 years | $-15,688 |
| 9 years | $-15,430 |
| 11 years | $-15,172 |
| 13 years | $-14,914 |
| 15 years | $-14,656 |
| 17 years | $-14,398 |
| 19 years | $-14,139 |
| 21 years | $-13,881 |
| 23 years | $-13,623 |
| 25 years | $-13,365 |
Top Solar Installers in Lawrence
Although it's possible to install solar panels on your own, it requires extra energy and know-how. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Local solar installers can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
If you're looking for a solar company in Lawrence, we've 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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
For many Lawrence homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lawrence, 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 size of the solar panel 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, your total will most likely increase by around $2,680. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Lawrence is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different costs. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $2.79 | $11,706 | $14,562 | 11.1 years |
| 8 kW | $2.73 | $15,308 | $19,717 | 10.9 years |
| 10 kW | $2.68 | $18,760 | $25,021 | 10.7 years |
| 12 kW | $2.63 | $22,062 | $30,476 | 10.5 years |
| 14 kW | $2.57 | $25,213 | $36,080 | 10.3 years |
| 16 kW | $2.52 | $28,215 | $41,835 | 10.1 years |
| 18 kW | $2.47 | $31,067 | $47,739 | 9.9 years |
| 20 kW | $2.41 | $33,768 | $53,794 | 9.6 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lawrence, IN Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
The average cost of solar panels in Lawrence is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lawrence?
A solar panel system isn't free in Lawrence, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on energy bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lawrence, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.
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.