Solar Panel Cost Guide in Lake Lakengren, OH (2023 Update)
- Lake Lakengren Solar Installation Cost: $13,332
- 25-Year Savings: $13,794
- Payback Period: 12.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake Lakengren
Find out what the average cost of solar panel installation is in Lake Lakengren.
In Lake Lakengren, solar panels cost about 2.56 per watt on average. The average solar panel system size in Lake Lakengren is around 7.4 kilowatts, meaning a cost of about $13,332 for a solar installation, or $19,065 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. Many homeowners find going solar is a rewarding investment. The average homeowner in Lake Lakengren can save around $14,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Lake Lakengren that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lake Lakengren
| Year | Return on Investment |
|---|---|
| 1 years | $-12,247 |
| 3 years | $-10,077 |
| 5 years | $-7,907 |
| 7 years | $-5,737 |
| 9 years | $-3,567 |
| 11 years | $-1,397 |
| 13 years | $773 |
| 15 years | $2,943 |
| 17 years | $5,114 |
| 19 years | $7,284 |
| 21 years | $9,454 |
| 23 years | $11,624 |
| 25 years | $13,794 |
Top Solar Installers in Lake Lakengren
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make your switch to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're looking for a solar company in Lake Lakengren, we've put together 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 Lakengren
Factors that Affect Solar Panel Costs in Lake Lakengren
For many Lake Lakengren homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lake Lakengren, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,560. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Lakengren to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. You'll have to consider the long-term cost of financing options, including the total 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 more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Lake Lakengren is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $10,683 | 12.8 years |
| 8 kW | $2.61 | $14,623 | $14,531 | 12.5 years |
| 10 kW | $2.56 | $17,920 | $18,522 | 12.3 years |
| 12 kW | $2.51 | $21,074 | $22,656 | 12.0 years |
| 14 kW | $2.46 | $24,084 | $26,934 | 11.8 years |
| 16 kW | $2.41 | $26,952 | $31,355 | 11.6 years |
| 18 kW | $2.36 | $29,676 | $35,920 | 11.3 years |
| 20 kW | $2.30 | $32,256 | $40,627 | 11.1 years |
How to Save on Solar Panels
There are many companies to choose from in Lake Lakengren, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When making the switch to solar energy, it's important to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
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 Lakengren, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lake Lakengren?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Lake Lakengren?
Solar panels aren't free in Lake Lakengren, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Lake Lakengren?
Solar panels can be a good investment for lots of 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 Lakengren?
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 higher amount 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.