Solar Panel Cost Guide in Lakeway, TX (2023 Update)
- Lakeway Solar Installation Cost: $14,235
- 25-Year Savings: $21,404
- Payback Period: 10.0 Years
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Updated May 04, 2023
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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 2.69 per watt. Using this figure, a typical 7.6-kW system would cost about $14,235 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Lakeway based on several factors, such as the type of solar panels you choose and the solar contractor you hire. But, once you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on utility bills.
For a customized 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 | $-12,810 |
| 3 years | $-9,959 |
| 5 years | $-7,108 |
| 7 years | $-4,256 |
| 9 years | $-1,405 |
| 11 years | $1,446 |
| 13 years | $4,297 |
| 15 years | $7,148 |
| 17 years | $9,999 |
| 19 years | $12,850 |
| 21 years | $15,701 |
| 23 years | $18,553 |
| 25 years | $21,404 |
Top Solar Installers in Lakeway
Many homeowners decide to hire a solar installer since trying to install solar panels on your own can be a lot of work. A solar company can also help save you money over time by providing warranties, repairs and component replacements.
If you're on the hunt for a solar company in Lakeway, the EcoWatch team has compiled a list of our top suggestions here:
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
The cost of installing a solar system in Lakeway can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, 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 only 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 time, but they can also be a big investment. That's why many Lakeway homeowners opt to finance their solar panel systems to offset upfront costs. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can play a part in determining how much it costs. Lakeway's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $16,540 | 10.4 years |
| 8 kW | $2.74 | $15,365 | $22,355 | 10.2 years |
| 10 kW | $2.69 | $18,830 | $28,320 | 10.0 years |
| 12 kW | $2.64 | $22,144 | $34,436 | 9.8 years |
| 14 kW | $2.58 | $25,308 | $40,703 | 9.6 years |
| 16 kW | $2.53 | $28,320 | $47,120 | 9.4 years |
| 18 kW | $2.47 | $31,182 | $53,688 | 9.2 years |
| 20 kW | $2.42 | $33,894 | $60,406 | 9.0 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- 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 quality aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should choose, since different companies have different panels.
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 exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is it worth going solar in Lakeway?
Solar panels can be a beneficial 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 power bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average home 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.