Solar Panel Cost Guide in Lake, OH (2024 Update)
- Lake Solar Installation Cost: $18,563
- 25-Year Savings: $13,121
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Lake
We break down average solar pricing in Lake.
The average cost of solar panels in Lake is 3 per watt.To cover the typical energy needs of the average home in Lake, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs about $18,563, or $26,545 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what installation company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
To get a free estimate from a top solar installer in Lake, you can click the button below.
Solar savings over time in Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-17,343 |
| 3 years | $-14,903 |
| 5 years | $-12,462 |
| 7 years | $-10,022 |
| 9 years | $-7,581 |
| 11 years | $-5,141 |
| 13 years | $-2,700 |
| 15 years | $-260 |
| 17 years | $2,181 |
| 19 years | $4,621 |
| 21 years | $7,062 |
| 23 years | $9,502 |
| 25 years | $11,943 |
Top Solar Installers in Lake
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make switching to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you go with a solar company as well, which can save you more money after your initial investment.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Lake
Factors that Affect Solar Panel Costs in Lake
There are many factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,410. The kind of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to think 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 researching a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Lake provide solar loans, which reduce the initial cost of installing solar.Though solar loans make going solar more accessible for Lake homeowners, they can also increase 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
The solar installation company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $5,980 | 17.8 years |
| 8 kW | $3.48 | $19,478 | $8,355 | 17.5 years |
| 10 kW | $3.41 | $23,870 | $10,922 | 17.2 years |
| 12 kW | $3.34 | $28,071 | $13,679 | 16.8 years |
| 14 kW | $3.27 | $32,081 | $16,627 | 16.5 years |
| 16 kW | $3.21 | $35,900 | $19,766 | 16.1 years |
| 18 kW | $3.14 | $39,529 | $23,096 | 15.8 years |
| 20 kW | $3.07 | $42,966 | $26,617 | 15.4 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 select the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Warranty: If you’re worried about the endurance of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two 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 satisfied reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lake, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lake?
The average cost of solar panels in Lake is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lake?
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.
Is it worth going solar in Lake?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Lake?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.