Solar Panel Cost Guide in Lake Park, NC (2024 Update)
- Lake Park Solar Installation Cost: $16,657
- 25-Year Savings: $20,017
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Lake Park
Find out what the average cost of a solar system is in Lake Park.
The average cost of a solar system in Lake Park is 4 per watt.Using this figure, a typical 6.8-kW system would cost about $16,657 before the 0 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.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Lake Park can save about $18,000 on their energy bills over 20 years.
To receive a free estimate from a vetted solar installer in Lake Park, you can click the button below.
Solar savings over time in Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-15,335 |
| 3 years | $-12,691 |
| 5 years | $-10,047 |
| 7 years | $-7,403 |
| 9 years | $-4,758 |
| 11 years | $-2,114 |
| 13 years | $530 |
| 15 years | $3,174 |
| 17 years | $5,819 |
| 19 years | $8,463 |
| 21 years | $11,107 |
| 23 years | $13,751 |
| 25 years | $16,396 |
Top Solar Installers in Lake Park
Although it's possible to install solar panels by yourself, it involves extra energy and handiness. Because of that, most homeowners choose a solar panel installer. The expertise that solar installers offer can be invaluable as well, particularly if you aren’t sure what brand of solar equipment you need.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- 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
- 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
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Lake Park: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Lake Park average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.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 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
The final significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Lake Park, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials 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 | $3.65 | $15,332 | $13,052 | 13.5 years |
| 8 kW | $3.58 | $20,049 | $17,795 | 13.2 years |
| 10 kW | $3.51 | $24,570 | $22,735 | 13.0 years |
| 12 kW | $3.44 | $28,894 | $27,872 | 12.7 years |
| 14 kW | $3.37 | $33,022 | $33,205 | 12.5 years |
| 16 kW | $3.30 | $36,953 | $38,735 | 12.2 years |
| 18 kW | $3.23 | $40,688 | $44,462 | 11.9 years |
| 20 kW | $3.16 | $44,226 | $50,385 | 11.7 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- 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
- 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
What is the average cost of installing solar panels in Lake Park?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for 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’d rather own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lake Park, 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 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 decreases 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.