Solar Panel Cost Guide in Lafayette, TN (2024 Update)
- Lafayette Solar Installation Cost: $20,200
- 25-Year Savings: $9,379
- Payback Period: 21.6 Years
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Average Cost of Solar Panels in Lafayette
Find out how much it might cost to make the switch to solar in Lafayette.
The national average cost of solar panels is $2.66 per watt, but in Lafayette it’s 4 per watt.The average solar panel system size in Lafayette is around 8.1 kilowatts, meaning a cost of about $20,200 for a solar installation, or $28,886 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of solar panels you want, your solar contractor and more.But, after you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $12,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-20,200 |
| 3 years | $-20,200 |
| 5 years | $-20,200 |
| 7 years | $-20,200 |
| 9 years | $-20,200 |
| 11 years | $-20,200 |
| 13 years | $-20,200 |
| 15 years | $-20,200 |
| 17 years | $-20,200 |
| 19 years | $-20,200 |
| 21 years | $-20,200 |
| 23 years | $-20,200 |
| 25 years | $-20,200 |
Top Solar Installers in Lafayette
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make your swap to solar power much easier. Another good thing about choosing a top solar installer is that it'll provide warranties and free repairs, which help protect your solar investment.
If you're searching for a solar installer in Lafayette, the EcoWatch team has compiled a list of our top suggestions here:
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 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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
There are several factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s a priority to accurately gauge 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 choose also affects the cost. Generally, the brands that are more efficient 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 far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also increases your all-in costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lafayette, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $3.72 | $15,637 | $1,802 | 22.4 years |
| 8 kW | $3.65 | $20,449 | $2,803 | 22.0 years |
| 10 kW | $3.58 | $25,060 | $4,005 | 21.6 years |
| 12 kW | $3.51 | $29,471 | $5,408 | 21.1 years |
| 14 kW | $3.44 | $33,681 | $7,011 | 20.7 years |
| 16 kW | $3.37 | $37,690 | $8,815 | 20.3 years |
| 18 kW | $3.29 | $41,499 | $10,818 | 19.8 years |
| 20 kW | $3.22 | $45,108 | $13,023 | 19.4 years |
How to Save on Solar Panels
The solar company you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, such as:
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 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 Lafayette, TN Solar Cost FAQs
What is the average cost of installing solar panels in Lafayette?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Lafayette?
You can’t get solar panels for free in Lafayette. 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.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of 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.