Solar Panel Cost Guide in Lake Park, NC (2023 Update)
- Lake Park Solar Installation Cost: $12,054
- 25-Year Savings: $20,017
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Park
We go over average solar pricing in Lake Park.
The average cost of a solar panel system in Lake Park is 2.54 per watt. The average solar panel system size in Lake Park is around 6.8 kilowatts, meaning a cost of about $12,055 for a solar installation, or $17,239 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lake Park homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,947 |
| 3 years | $-11,733 |
| 5 years | $-11,520 |
| 7 years | $-11,306 |
| 9 years | $-11,092 |
| 11 years | $-10,878 |
| 13 years | $-10,664 |
| 15 years | $-10,451 |
| 17 years | $-10,237 |
| 19 years | $-10,023 |
| 21 years | $-9,809 |
| 23 years | $-9,595 |
| 25 years | $-9,382 |
Top Solar Installers in Lake Park
Although it's possible to install solar panels yourself, it takes extra time and expertise. For that reason, most people choose to hire a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lake Park
Factors that Affect Solar Panel Costs in Lake Park
For many Lake Park homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lake Park, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar 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 about $2,540. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Lake Park average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Lake Park, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating in Lake Park, and each can charge different amounts for labor and equipment. The company's size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.64 | $11,095 | $17,288 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,336 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,525 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,857 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,331 | 9.0 years |
| 16 kW | $2.39 | $26,741 | $48,947 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $55,706 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $62,607 | 8.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lake Park, NC Solar Cost FAQs
How much does it cost to install solar panels in Lake Park?
The average cost of solar panels in Lake Park is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lake Park?
You can't get solar panels for free in Lake Park. 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 want to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Park is currently $220,300, so you can expect a value of about $9,032 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lake Park is a rewarding investment.
How long do solar panels last in Lake Park?
On average, solar panels can last 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 higher 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.