Solar Panel Cost Guide in Lawrence, IN (2023 Update)
- Lawrence Solar Installation Cost: $16,584
- 25-Year Savings: $22,137
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of installing solar panels is in Lawrence.
In Lawrence, solar panels cost about 2.68 per watt on average. Because a 8.8-kW system is needed to cover the energy usage of a typical home in Lawrence, the average price of going solar will be about $16,584 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on utility bills.
To get a free quote from a highly rated solar installer in Lawrence, you can click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-15,035 |
| 3 years | $-11,937 |
| 5 years | $-8,840 |
| 7 years | $-5,742 |
| 9 years | $-2,644 |
| 11 years | $454 |
| 13 years | $3,551 |
| 15 years | $6,649 |
| 17 years | $9,747 |
| 19 years | $12,844 |
| 21 years | $15,942 |
| 23 years | $19,040 |
| 25 years | $22,137 |
Top Solar Installers in Lawrence
Although you can install solar panels on your own, it involves extra effort and expertise. Because of that, most homeowners choose to hire a solar panel installer. Some solar installers, especially local ones, can help you take advantage of incentives in Lawrence, optimizing your ROI.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost 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
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Lawrence, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lawrence is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that offer a range of services at different price points. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- 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 big role in the company you hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lawrence?
Leasing solar panels can be an appealing choice, because 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.
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.