Solar Panel Cost Guide in Lead, SD (2023 Update)
- Lead Solar Installation Cost: $14,181
- 25-Year Savings: $32,816
- Payback Period: 7.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lead
Let's have a look at the average cost of solar in Lead.
In Lead, solar panels cost about 2.39 per watt on average. Because a 8.5-kW system is needed to cover the energy usage of a typical home in Lead, the average price of going solar will be about $14,187 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Lead homeowner. 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. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Lead see about $21,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Lead for a quote for your home.
Solar savings over time in Lead
| Year | Return on Investment |
|---|---|
| 1 years | $-12,545 |
| 3 years | $-9,275 |
| 5 years | $-6,004 |
| 7 years | $-2,733 |
| 9 years | $537 |
| 11 years | $3,808 |
| 13 years | $7,078 |
| 15 years | $10,349 |
| 17 years | $13,620 |
| 19 years | $16,890 |
| 21 years | $20,161 |
| 23 years | $23,432 |
| 25 years | $26,702 |
Top Solar Installers in Lead
Although you can install solar panels yourself, it takes extra labor and know-how. For that reason, most people choose to go with a solar panel installer. The expertise that solar installers provide can be useful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lead
Factors that Affect Solar Panel Costs in Lead
While the average cost of a solar system in Lead is $14,187, your final cost may differ. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Lead, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Lead homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Lead, and each can charge different amounts for labor and equipment. Additionally, some companies in Lead have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.49 | $10,440 | $22,827 | 7.8 years |
| 8 kW | $2.44 | $13,652 | $30,704 | 7.7 years |
| 10 kW | $2.39 | $16,730 | $38,715 | 7.5 years |
| 12 kW | $2.34 | $19,674 | $46,859 | 7.4 years |
| 14 kW | $2.29 | $22,485 | $55,138 | 7.2 years |
| 16 kW | $2.25 | $25,162 | $63,550 | 7.1 years |
| 18 kW | $2.20 | $27,705 | $72,096 | 6.9 years |
| 20 kW | $2.15 | $30,114 | $80,776 | 6.8 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Warranty: If you're worried about the longevity of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Different companies have various brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lead, SD Solar Cost FAQs
How much does it cost to install solar panels in Lead?
The average cost of solar panels in Lead is about $11,950 for a 5-kW system and $23,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lead?
You can't get solar panels for free in Lead. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,108.90 per year.
How long do solar panels last in Lead?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.