Solar Panel Cost Guide in Lake, PA (2023 Update)
- Lake Solar Installation Cost: $12,337
- 25-Year Savings: $12,403
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake
Find out how much it might cost to install solar panels in Lake.
The average cost of a solar system in Lake is 2.55 per watt. The average Lake homeowner needs a 6.9-kilowatt system, which would cost about $12,334 with the federal tax credit, or $17,638 before the 30% tax credit is applied.
These figures are just estimates, and your own solar costs will most likely differ based on the amount of energy your home requires and what company you want to go with. With typical savings of about $14,000 on utility bills over 20 years, many homeowners in Lake find going solar has a decent ROI.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,255 |
| 3 years | $-12,090 |
| 5 years | $-11,925 |
| 7 years | $-11,760 |
| 9 years | $-11,595 |
| 11 years | $-11,430 |
| 13 years | $-11,265 |
| 15 years | $-11,100 |
| 17 years | $-10,935 |
| 19 years | $-10,770 |
| 21 years | $-10,605 |
| 23 years | $-10,440 |
| 25 years | $-10,275 |
Top Solar Installers in Lake
Putting up solar panels yourself can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. The payback period on a solar system will vary based on factors like your location and energy use, but going with a solar company can shorten that period. Your provider will be able to help you apply for incentives available in your area.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our suggestions for providers nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Lake
Factors that Affect Solar Panel Costs in Lake
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Lake: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Lake, one of the most crucial 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 figure out by looking at past power bills. Your total cost can increase by around $2,550 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you pick will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
There are a large number of companies available in Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Companies that have been in business 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 adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lake, PA Solar Cost FAQs
What is the average cost of installing solar panels in Lake?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lake?
Solar panels aren't free in Lake, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
To figure out what solar panel system size 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 typically 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.