Solar Panel Cost Guide in Lake, OH (2023 Update)
- Lake Solar Installation Cost: $13,942
- 25-Year Savings: $13,115
- Payback Period: 12.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake
We go over average solar pricing in Lake.
The average cost of a solar system in Lake is 2.56 per watt. The average solar panel system size in Lake is around 7.8 kilowatts, meaning a cost of about $13,942 for a solar installation, or $19,937 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on your specific situation and what company you go with. Despite the large upfront cost, the average Lake homeowner can save about $13,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,859 |
| 3 years | $-10,695 |
| 5 years | $-8,530 |
| 7 years | $-6,366 |
| 9 years | $-4,201 |
| 11 years | $-2,037 |
| 13 years | $128 |
| 15 years | $2,292 |
| 17 years | $4,457 |
| 19 years | $6,622 |
| 21 years | $8,786 |
| 23 years | $10,951 |
| 25 years | $13,115 |
Top Solar Installers in Lake
Trying to install solar panels yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your location and energy consumption, but going with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you're on the hunt for a solar company in Lake, we've organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lake
Factors that Affect Solar Panel Costs in Lake
The cost of installing a solar system in Lake can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest 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 installing solar panels 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 Lake. The brand of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, 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 into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Lake, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. Even though solar loans make going solar more accessible for Lake homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Lake, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Companies that 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 cost more. It's best to do some research and go with the company that offers 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 | $2.66 | $11,182 | $9,693 | 13.4 years |
| 8 kW | $2.61 | $14,623 | $13,211 | 13.1 years |
| 10 kW | $2.56 | $17,920 | $16,872 | 12.9 years |
| 12 kW | $2.51 | $21,074 | $20,676 | 12.6 years |
| 14 kW | $2.46 | $24,084 | $24,624 | 12.4 years |
| 16 kW | $2.41 | $26,952 | $28,715 | 12.1 years |
| 18 kW | $2.36 | $29,676 | $32,950 | 11.8 years |
| 20 kW | $2.30 | $32,256 | $37,327 | 11.6 years |
How to Save on Solar Panels
There are many companies to choose from in Lake, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Companies that have been operating for many years likely have a good 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 support, such as part repairs and replacements.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lake, OH Solar Cost FAQs
How much does it cost to install solar panels in Lake?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake is currently $174,760, which means you can look forward to a value of about $7,165 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lake is a fruitful investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.