Solar Panel Cost Guide in Lake Park, NC (Dec 2022)

  • Lake Park Solar Installation Cost: $12,055
  • 25-Year Savings: $20,016
  • Payback Period: 9.4 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Lake Park

Find out what the average cost of installing solar panels is in Lake Park.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Park, the typical cost of a solar system is $3 per watt. Because a 6.8-kW system is needed to cover the energy consumption of a typical home in Lake Park, the average price of going solar will be about $12,055 before claiming the federal solar tax credit of 30%.

These figures are just estimates, and your own solar costs may differ based on factors unique to your home and what company you choose to go with. With average savings of about $18,000 on utility bills over 20 years, many homeowners in Lake Park find installing solar panels has a decent ROI.

To see your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in Lake Park

Year Return on Investment
1 years $-10,772
3 years $-8,206
5 years $-5,641
7 years $-3,075
9 years $-509
11 years $2,057
13 years $4,622
15 years $7,188
17 years $9,754
19 years $12,319
21 years $14,885
23 years $17,451
25 years $20,016

Top Solar Installers in Lake Park

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make swapping over to solar power much easier. Plus, if you're unsure what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.

Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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

Although the average cost of a solar system in Lake Park is $12,055, your actual cost may differ. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.

Solar Equipment

The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,540. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lake Park, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Lake Park, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.

Solar Panel Installation Company

A final factor to consider when trying to evaluate the cost of solar for your home or business in Lake Park is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services at different costs. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.

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 solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:

  • Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
  • Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
  • Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
  • Solar Panel Brands: The kind of solar panel you need plays a part in which company you should go with, since different companies provide different panels.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Lake Park, NC Solar Cost FAQs

What is the average cost of installing 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 actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider other than cost when buying solar panels?

Cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How will solar panels impact my property value?

Buying or financing solar panels for your home 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 fruitful investment.

How long do solar panels last in Lake Park?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.

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