Solar Panel Cost Guide in Lake City, SC (2024 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake City, the average cost of a solar system is 3 per watt.Because a 8.0-kW system is needed to cover the energy usage of a typical home in Lake City, the average price of going solar will be about $19,241 after claiming the federal solar tax credit of 0.
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 needs, the type of solar panels you want, your solar contractor and more.Despite the large upfront cost, the average Lake City homeowner can save about $21,000 on their energy bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar company in Lake City that can help you get a more accurate cost estimate for your home.
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
Although it's possible to install solar panels on your own, it takes extra labor and know-how. That's one of the reasons most people choose to hire a solar panel installer. Plus, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lake City
Factors that Affect Solar Panel Costs in Lake City
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Lake City: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The brand of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Lake City provide solar loans, which reduce your upfront costs of installing a solar system.Although solar loans make switching to solar energy more accessible for Lake City homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Lake City, and each can charge varying amounts for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fits within your budget.
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 lot of companies to choose from in Lake City, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lake City, SC Solar Cost FAQs
How much does it cost to install solar panels in Lake City?
The average cost of solar panels in Lake City is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lake City?
Leasing solar panels can be an attractive 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 option if you want to get the most savings.
Can you sell solar power back to the grid in Lake City?
The majority of states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 account for 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.