Solar Panel Cost Guide in Lake City, SC (2025 Update)
- Lake City Solar Installation Cost: $19,241
- 25-Year Savings: $28,861
- Payback Period: 10.9 Years
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Average Cost of Solar Panels in Lake City
Let’s have a look at the average cost of solar panels in Lake City.
The average cost of a solar panel system in Lake City is 3 per watt.To account for the typical energy usage of the average home in Lake City, most homeowners require a 8.0-kilowatt system. Using the figure above, a solar installation costs around $19,241, or $27,515 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lake City 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 $21,000 on power bills over 20 years, many homeowners in Lake City find installing solar panels can pay off big.
To get a free quote from a vetted solar installer in Lake City, you can click the button below.
Solar savings over time in Lake City
| Year | Return on Investment |
|---|---|
| 1 years | $-17,683 |
| 3 years | $-14,567 |
| 5 years | $-11,451 |
| 7 years | $-8,335 |
| 9 years | $-5,219 |
| 11 years | $-2,103 |
| 13 years | $1,013 |
| 15 years | $4,129 |
| 17 years | $7,245 |
| 19 years | $10,361 |
| 21 years | $13,477 |
| 23 years | $16,593 |
| 25 years | $19,709 |
Top Solar Installers in Lake City
Many homeowners decide to use a solar panel company since installing solar panels yourself can be a lot of work. The payback period on a solar system will vary based on factors like your location and energy consumption, but going with a solar installer can shorten it. Your provider will be able to help you apply for incentives available in your area.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Lake City
Factors that Affect Solar Panel Costs in Lake City
The cost of installing a solar system in Lake City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,450 per kilowatt in Lake City.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more 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
If paying for a solar system in cash is too expensive, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to 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 getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies operating in Lake City, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.59 | $15,070 | $18,088 | 11.4 years |
| 8 kW | $3.52 | $19,706 | $24,504 | 11.1 years |
| 10 kW | $3.45 | $24,150 | $31,113 | 10.9 years |
| 12 kW | $3.38 | $28,400 | $37,915 | 10.7 years |
| 14 kW | $3.31 | $32,458 | $44,911 | 10.5 years |
| 16 kW | $3.24 | $36,322 | $52,099 | 10.3 years |
| 18 kW | $3.17 | $39,992 | $59,481 | 10.1 years |
| 20 kW | $3.11 | $43,470 | $67,056 | 9.8 years |
How to Save on Solar Panels
There are a large number of companies available in Lake City, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
EcoWatch's Lake City, SC Solar Cost FAQs
What is the average cost of installing solar panels in Lake City?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,250 for a 5-kW system and $34,500 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 needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lake City?
Leasing solar panels can be an option if you can’t 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 savings from going solar.
Can you sell solar power back to the grid in Lake City?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out 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 home 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.