Solar Panel Cost Guide in Lake City, MN (2024 Update)
- Lake City Solar Installation Cost: $20,426
- 25-Year Savings: $19,578
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Lake City
We break down average solar pricing in Lake City.
Although the national average of solar panels is $2.66 per watt, solar panels in Lake City typically cost around 4.Because a 7.2-kW system is needed to cover the energy costs of a typical home in Lake City, the average price of going solar will be about $20,426 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what company you go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
To get a free quote from a highly rated solar installer in Lake City, you can click the button below.
Solar savings over time in Lake City
| Year | Return on Investment |
|---|---|
| 1 years | $-19,147 |
| 3 years | $-16,588 |
| 5 years | $-14,029 |
| 7 years | $-11,470 |
| 9 years | $-8,911 |
| 11 years | $-6,352 |
| 13 years | $-3,793 |
| 15 years | $-1,235 |
| 17 years | $1,324 |
| 19 years | $3,883 |
| 21 years | $6,442 |
| 23 years | $9,001 |
| 25 years | $11,560 |
Top Solar Installers in Lake City
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make your swap to solar power much easier. Another great thing about using a reliable solar installer is that it'll likely provide warranties and free repairs, which help protect your investment.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Lake City:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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 Lake City
Factors that Affect Solar Panel Costs in Lake City
For many Lake City homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lake City, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, 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 nearly $4,030. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake City, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Lake City offer solar loans, which reduce your upfront costs of installing solar.Although solar loans make adopting solar energy more accessible for Lake City homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you select will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have 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 | $4.19 | $17,603 | $10,548 | 15.6 years |
| 8 kW | $4.11 | $23,019 | $14,515 | 15.3 years |
| 10 kW | $4.03 | $28,210 | $18,708 | 15.0 years |
| 12 kW | $3.95 | $33,175 | $23,127 | 14.7 years |
| 14 kW | $3.87 | $37,914 | $27,771 | 14.4 years |
| 16 kW | $3.79 | $42,428 | $32,641 | 14.1 years |
| 18 kW | $3.71 | $46,716 | $37,737 | 13.8 years |
| 20 kW | $3.63 | $50,778 | $43,058 | 13.5 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. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies carry various brands and types of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: If you care about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: When going solar, it’s crucial to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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 Lake City, MN Solar Cost FAQs
What is the average cost of installing solar panels in Lake City?
The average cost of solar panels in Lake City is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lake City?
You can’t get solar panels for free in Lake City. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Lake City?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.