Solar Panel Cost Guide in Lawrence, NY (2023 Update)
- Lawrence Solar Installation Cost: $7,950
- 25-Year Savings: $19,905
- Payback Period: 7.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lawrence
Here's how much it might cost to switch to solar power in Lawrence.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lawrence, the average cost of solar panels is 2.95 per watt. Using this figure, a typical 3.9-kW system would cost about $7,950 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lawrence homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $28,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-6,836 |
| 3 years | $-4,608 |
| 5 years | $-2,379 |
| 7 years | $-151 |
| 9 years | $2,078 |
| 11 years | $4,306 |
| 13 years | $6,534 |
| 15 years | $8,763 |
| 17 years | $10,991 |
| 19 years | $13,220 |
| 21 years | $15,448 |
| 23 years | $17,677 |
| 25 years | $19,905 |
Top Solar Installers in Lawrence
When going solar, many homeowners opt to use a solar installer since handling can be a challenging project. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Lawrence: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Lawrence, 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 overall cost can increase by around $2,950 for each additional kilowatt you need. The kind of solar equipment you choose can bring your price up or down 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 in the long run on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lawrence average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Lawrence homeowners choose to finance their solar panel systems to make going solar more affordable. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you want and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.07 | $12,886 | $30,543 | 7.4 years |
| 8 kW | $3.01 | $16,850 | $41,055 | 7.3 years |
| 10 kW | $2.95 | $20,650 | $51,732 | 7.1 years |
| 12 kW | $2.89 | $24,284 | $62,573 | 7.0 years |
| 14 kW | $2.83 | $27,754 | $73,581 | 6.8 years |
| 16 kW | $2.77 | $31,058 | $84,753 | 6.7 years |
| 18 kW | $2.71 | $34,196 | $96,090 | 6.6 years |
| 20 kW | $2.66 | $37,170 | $107,593 | 6.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- 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 such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: The model of solar panel you'd like plays a role in which installer you should go with, since different companies have access to different panels.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lawrence, NY Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lawrence?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, solar panels can last 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 level 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.