Solar Panel Cost Guide in Lake City, MN (2023 Update)
- Lake City Solar Installation Cost: $14,393
- 25-Year Savings: $19,580
- Payback Period: 10.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake City
We go over average solar pricing in Lake City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake City, the average cost of solar panels is 2.84 per watt. The average Lake City homeowner needs a 7.2-kilowatt system, which would cost about $14,393 with the federal tax credit, or $20,582 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will vary based on your specific situation and what company you choose to go with. With average savings of about $18,000 on power bills over 20 years, many homeowners in Lake City find installing solar panels has a decent ROI.
To receive a free estimate from a top solar installer in Lake City, you can click the button below.
Solar savings over time in Lake City
| Year | Return on Investment |
|---|---|
| 1 years | $-13,034 |
| 3 years | $-10,316 |
| 5 years | $-7,599 |
| 7 years | $-4,881 |
| 9 years | $-2,163 |
| 11 years | $555 |
| 13 years | $3,273 |
| 15 years | $5,991 |
| 17 years | $8,708 |
| 19 years | $11,426 |
| 21 years | $14,144 |
| 23 years | $16,862 |
| 25 years | $19,580 |
Top Solar Installers in Lake City
Although it's possible to install solar panels yourself, it involves extra effort and handiness. That's why most homeowners choose to go with a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 install a solar energy system comes down to 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 a number of factors that greatly 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 City, one of the most crucial 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 consumption, which you can determine by looking at past energy bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Lake City, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of 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 original cost. Making a larger down payment or securing a solar loan with a low interest rate 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 Lake City is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that provide a range of services at different price points. Additionally, some companies in Lake City know more 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 end up saving you 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 | $2.95 | $12,405 | $15,746 | 11.0 years |
| 8 kW | $2.90 | $16,222 | $21,312 | 10.8 years |
| 10 kW | $2.84 | $19,880 | $27,038 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,923 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,967 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $45,169 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,531 | 9.7 years |
| 20 kW | $2.56 | $35,784 | $58,052 | 9.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When looking over 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 component breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
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
How much does it cost to install solar panels in Lake City?
The average cost of solar panels in Lake City is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lake City?
Leasing solar panels can be an attractive choice, as it usually 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 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.
Does Lake City have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How long do solar panels last in Lake City?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.