Solar Panel Cost Guide in Lakeway, TX (2024 Update)
- Lakeway Solar Installation Cost: $17,619
- 25-Year Savings: $21,406
- Payback Period: 12.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lakeway
We go over average solar pricing in Lakeway.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lakeway, the typical cost of solar panels is 3 per watt.The average solar panel system size in Lakeway is around 7.6 kilowatts, meaning a cost of about $17,619 for a solar installation, or $25,195 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may vary based on your specific situation and what company you want to go with.But, once you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $18,000 over 20 years on power bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lakeway
| Year | Return on Investment |
|---|---|
| 1 years | $-16,233 |
| 3 years | $-13,461 |
| 5 years | $-10,689 |
| 7 years | $-7,916 |
| 9 years | $-5,144 |
| 11 years | $-2,372 |
| 13 years | $400 |
| 15 years | $3,172 |
| 17 years | $5,945 |
| 19 years | $8,717 |
| 21 years | $11,489 |
| 23 years | $14,261 |
| 25 years | $17,034 |
Top Solar Installers in Lakeway
Installing solar panels yourself can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you make the most of incentives in Lakeway, optimizing your ROI.
There are a number of licensed solar professionals that can help you install your solar panels. 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
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Lakeway
Factors that Affect Solar Panel Costs in Lakeway
Although the average cost of a solar system in Lakeway is $17,619, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use 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 $3,330.There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you choose 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Lakeway homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can affect how much it costs. Lakeway’s solar companies all have different labor costs and add varying upcharges to 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 with an above-average cost. It’s best to do some research and decide on the company that provides the products, warranties and services you’re looking for 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 | $3.46 | $14,545 | $13,745 | 12.9 years |
| 8 kW | $3.40 | $19,021 | $18,699 | 12.6 years |
| 10 kW | $3.33 | $23,310 | $23,840 | 12.4 years |
| 12 kW | $3.26 | $27,413 | $29,167 | 12.1 years |
| 14 kW | $3.20 | $31,329 | $34,681 | 11.9 years |
| 16 kW | $3.13 | $35,058 | $40,382 | 11.6 years |
| 18 kW | $3.06 | $38,601 | $46,269 | 11.4 years |
| 20 kW | $3.00 | $41,958 | $52,342 | 11.1 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When reading through 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 part breaking or if the company goes out of business.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- 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 good company.
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
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lakeway, TX Solar Cost FAQs
What is the average cost of installing solar panels in Lakeway?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $16,650 for a 5-kW system and $33,300 for a 10-kW system after the ITC is applied. It will be more expensive 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 go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lakeway?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 bang for your buck from going solar.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Lakeway, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption 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 get 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.