Solar Panel Cost Guide in Lafayette, OH (2025 Update)
- Lafayette Solar Installation Cost: $18,134
- 25-Year Savings: $15,464
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Lafayette
Let’s have a look at the average cost of solar panels in Lafayette.
The national average cost of solar panels is $2.66 per watt, but in Lafayette it’s 3 per watt.Since a 7.6-kW system is needed to cover the energy costs of a typical home in Lafayette, the average price of going solar will be about $18,134 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what company you go with.Even with the significant initial cost, the average Lafayette homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar panel company in your area for a personalized quote.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-16,914 |
| 3 years | $-14,473 |
| 5 years | $-12,033 |
| 7 years | $-9,592 |
| 9 years | $-7,152 |
| 11 years | $-4,711 |
| 13 years | $-2,271 |
| 15 years | $170 |
| 17 years | $2,610 |
| 19 years | $5,050 |
| 21 years | $7,491 |
| 23 years | $9,931 |
| 25 years | $12,372 |
Top Solar Installers in Lafayette
When going solar, many homeowners opt to go with a solar installer since installing a solar system yourself can be a time-consuming project. Plus, if you’d like to maximize your investment in solar, using a solar installer can help with that too. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Lafayette:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lafayette
Factors that Affect Solar Panel Costs in Lafayette
The cost of installing a solar system in Lafayette can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,410.The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Lafayette homeowners decide to finance their solar panel systems to make going solar more affordable.While solar loans make going solar more accessible for Lafayette homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can impact how much it costs. Lafayette’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also is 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 | $3.55 | $14,895 | $8,070 | 16.2 years |
| 8 kW | $3.48 | $19,478 | $11,142 | 15.9 years |
| 10 kW | $3.41 | $23,870 | $14,405 | 15.6 years |
| 12 kW | $3.34 | $28,071 | $17,859 | 15.3 years |
| 14 kW | $3.27 | $32,081 | $21,504 | 15.0 years |
| 16 kW | $3.21 | $35,900 | $25,340 | 14.7 years |
| 18 kW | $3.14 | $39,529 | $29,367 | 14.3 years |
| 20 kW | $3.07 | $42,966 | $33,585 | 14.0 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. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: The type of solar panel you need to get plays a part in which company you should opt for, since different companies provide different panels.
- Contract: Though reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lafayette, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lafayette?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 bang for your buck from going solar.
Does Lafayette have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Lafayette?
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 opt to 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.