Solar Panel Cost Guide in Lake City, SC (2023 Update)
- Lake City Solar Installation Cost: $15,175
- 25-Year Savings: $28,856
- Payback Period: 8.6 Years
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Updated May 04, 2023
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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 2.72. 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 $21,700 before 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 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
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, which is measured in kilowatts (kW). 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 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 $13,600 for a 5-kW system and $27,200 for a 10-kW system before the ITC, but the actual cost will depend on certain factors 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 appealing choice, as 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.
Does Lake City have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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.