Solar Panel Cost Guide in Lake, PA (Mar 2023)
- Lake Solar Installation Cost: $12,334
- 25-Year Savings: $12,405
- Payback Period: 12.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake
Let's have a look at the average cost of solar panels in Lake.
The national average cost of solar panels is $2.66 per watt, but in Lake it's 2.55 per watt. Using this figure, a typical 6.9-kW system would cost about $12,334 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lake homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $14,000 on utility bills over 20 years, many homeowners in Lake find installing solar panels has a decent ROI.
To receive a free quote from a vetted solar company in Lake, you can click the button below.
Solar savings over time in Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,345 |
| 3 years | $-9,366 |
| 5 years | $-7,386 |
| 7 years | $-5,407 |
| 9 years | $-3,428 |
| 11 years | $-1,449 |
| 13 years | $530 |
| 15 years | $2,509 |
| 17 years | $4,489 |
| 19 years | $6,468 |
| 21 years | $8,447 |
| 23 years | $10,426 |
| 25 years | $12,405 |
Top Solar Installers in Lake
Although you can install solar panels by yourself, it requires extra time and expertise. Because of that, most people choose to go with a solar panel installer. Also, if you'd like to maximize your investment in solar power, going with a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 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 your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,550 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect 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 raise the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make switching to solar energy 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 make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies in Lake, and each can charge varying amounts for labor and equipment. Additionally, some companies in Lake have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $10,338 | 13.0 years |
| 8 kW | $2.60 | $14,566 | $14,070 | 12.7 years |
| 10 kW | $2.55 | $17,850 | $17,945 | 12.5 years |
| 12 kW | $2.50 | $20,992 | $21,962 | 12.2 years |
| 14 kW | $2.45 | $23,990 | $26,122 | 12.0 years |
| 16 kW | $2.40 | $26,846 | $30,425 | 11.7 years |
| 18 kW | $2.35 | $29,560 | $34,871 | 11.5 years |
| 20 kW | $2.29 | $32,130 | $39,459 | 11.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Lake, PA Solar Cost FAQs
What is the average cost of installing solar panels in Lake?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lake?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $715.89 per year.
How long do solar panels last in Lake?
Though 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 their energy production will have decreased significantly after that point. You can opt 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.