Solar Panel Cost Guide in Lafayette, OH (Mar 2023)
- Lafayette Solar Installation Cost: $13,619
- 25-Year Savings: $15,459
- Payback Period: 11.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lafayette
Here's how much it might cost to go solar in Lafayette.
Although the national average of solar panels is $2.66 per watt, solar panels in Lafayette generally cost about 2.56. Using this figure, a typical 7.6-kW system would cost about $13,619 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Lafayette depending on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on power bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-12,456 |
| 3 years | $-10,130 |
| 5 years | $-7,804 |
| 7 years | $-5,477 |
| 9 years | $-3,151 |
| 11 years | $-825 |
| 13 years | $1,501 |
| 15 years | $3,827 |
| 17 years | $6,154 |
| 19 years | $8,480 |
| 21 years | $10,806 |
| 23 years | $13,132 |
| 25 years | $15,459 |
Top Solar Installers in Lafayette
Although you can install solar panels on your own, it takes extra labor and handiness. That's one of the reasons almost all homeowners choose a solar panel installer. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,560 per kilowatt in Lafayette. The brand of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact how much you pay. Lafayette's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $2.66 | $11,182 | $11,783 | 12.2 years |
| 8 kW | $2.61 | $14,623 | $15,998 | 11.9 years |
| 10 kW | $2.56 | $17,920 | $20,355 | 11.7 years |
| 12 kW | $2.51 | $21,074 | $24,857 | 11.5 years |
| 14 kW | $2.46 | $24,084 | $29,501 | 11.2 years |
| 16 kW | $2.41 | $26,952 | $34,289 | 11.0 years |
| 18 kW | $2.36 | $29,676 | $39,220 | 10.8 years |
| 20 kW | $2.30 | $32,256 | $44,295 | 10.5 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Lafayette, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The model of solar panel you want plays a part in which installer you should opt for, since different companies have access to different panels.
- Contract: Read the contract terms closely to make sure you understand the overall cost, project timeline incentives and warranties.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lafayette, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
The average cost of solar panels in Lafayette is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Lafayette have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Lafayette?
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 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.