Solar Panel Cost Guide in Lawrence, OH (2023 Update)
- Lawrence Solar Installation Cost: $13,942
- 25-Year Savings: $12,495
- Payback Period: 13.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lawrence
See how much it might cost to install solar panels in Lawrence.
In Lawrence, solar panels cost about 2.56 per watt on average. Using this figure, a typical 7.8-kW system would cost about $13,942 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will look different based on your energy needs and what company you want to go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $13,000 over 20 years on electricity bills.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-12,884 |
| 3 years | $-10,769 |
| 5 years | $-8,654 |
| 7 years | $-6,539 |
| 9 years | $-4,424 |
| 11 years | $-2,309 |
| 13 years | $-194 |
| 15 years | $1,921 |
| 17 years | $4,036 |
| 19 years | $6,151 |
| 21 years | $8,266 |
| 23 years | $10,381 |
| 25 years | $12,495 |
Top Solar Installers in Lawrence
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be challenging. Plus, if you're not certain what type of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Lawrence
Factors that Affect Solar Panel Costs in Lawrence
For many Lawrence homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lawrence, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the Lawrence average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Lawrence, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's crucial to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lawrence is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $9,215 | 13.7 years |
| 8 kW | $2.61 | $14,623 | $12,573 | 13.4 years |
| 10 kW | $2.56 | $17,920 | $16,075 | 13.2 years |
| 12 kW | $2.51 | $21,074 | $19,720 | 12.9 years |
| 14 kW | $2.46 | $24,084 | $23,508 | 12.7 years |
| 16 kW | $2.41 | $26,952 | $27,440 | 12.4 years |
| 18 kW | $2.36 | $29,676 | $31,515 | 12.1 years |
| 20 kW | $2.30 | $32,256 | $35,734 | 11.9 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Warranty: If you care about the endurance of your solar energy system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though 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.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
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 Lawrence, OH Solar Cost FAQs
How much does it cost to install solar panels in Lawrence?
The average cost of solar panels in Lawrence is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lawrence?
A solar panel system isn't free in Lawrence, 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 help lower the cost.
Is it worth going solar in Lawrence?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.