Solar Panel Cost Guide in Lake City, SC (Nov 2022)

  • Lake City Solar Installation Cost: $15,175
  • 25-Year Savings: $28,856
  • Payback Period: 8.6 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Lake City

Let's have a look at the average cost of solar in Lake City.

Although the national average of solar panels is $2.66 per watt, solar panels in Lake City typically cost about $3. To account for the typical energy needs of the average home in Lake City, most homeowners require a 8.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,175, or $11,230 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Lake City can save around $21,000 on their energy bills over 20 years.

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 $-13,414
3 years $-9,891
5 years $-6,369
7 years $-2,846
9 years $676
11 years $4,199
13 years $7,721
15 years $11,244
17 years $14,766
19 years $18,288
21 years $21,811
23 years $25,333
25 years $28,856

Top Solar Installers in Lake City

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar panel installer can make converting to solar power much easier. A solar company can also help save you money over time by providing warranties, repairs and component replacements.

You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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

There are a number of factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size. Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,720. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Lake City average.

Solar Financing Terms

Many homeowners find the average cost of solar in Lake City to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The remaining key cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Lake City, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 $2.83 $11,881 $21,277 9.0 years
8 kW $2.77 $15,537 $28,674 8.8 years
10 kW $2.72 $19,040 $36,223 8.6 years
12 kW $2.67 $22,391 $43,925 8.4 years
14 kW $2.61 $25,590 $51,778 8.3 years
16 kW $2.56 $28,636 $59,785 8.1 years
18 kW $2.50 $31,530 $67,943 7.9 years
20 kW $2.45 $34,272 $76,254 7.8 years

How to Save on Solar Panels

The solar company you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:

  • Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
  • Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
  • Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Solar Panel Brands: Different companies carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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?

This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Lake City?

Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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.

Is making the switch to solar worth it?

Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.

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 requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.

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