Solar Panel Cost Guide in Lake of the Woods, VA (2023 Update)
- Lake of the Woods Solar Installation Cost: $15,176
- 25-Year Savings: $20,215
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake of the Woods
Find out what the average cost of solar panels are in Lake of the Woods.
While the national average of solar panels is $2.66 per watt, solar panels in Lake of the Woods generally cost about 2.75. Since a 7.9-kW system is needed to cover the energy usage of a typical home in Lake of the Woods, the average price of going solar will be about $15,169 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. Despite the significant initial cost, the average Lake of the Woods homeowner can save about $17,000 on their power bills over 20 years, which is one of the advantages of solar.
To get a free quote from a pre-vetted solar installer in Lake of the Woods, you can click the button below.
Solar savings over time in Lake of the Woods
| Year | Return on Investment |
|---|---|
| 1 years | $-15,059 |
| 3 years | $-14,823 |
| 5 years | $-14,587 |
| 7 years | $-14,351 |
| 9 years | $-14,115 |
| 11 years | $-13,879 |
| 13 years | $-13,643 |
| 15 years | $-13,407 |
| 17 years | $-13,171 |
| 19 years | $-12,935 |
| 21 years | $-12,699 |
| 23 years | $-12,463 |
| 25 years | $-12,227 |
Top Solar Installers in Lake of the Woods
Trying to put up solar panels on your own can be a stressful task, which is why using a solar installer is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be right for your home.
If you'd like to go solar but still aren't sure which solar company to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lake of the Woods
Factors that Affect Solar Panel Costs in Lake of the Woods
There are several factors that can influence your 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
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,750 per kilowatt in Lake of the Woods. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Lake of the Woods have solar loans, which reduce the initial cost of installing solar panels. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lake of the Woods, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, 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 | $2.86 | $12,012 | $14,922 | 11.1 years |
| 8 kW | $2.81 | $15,708 | $20,204 | 10.9 years |
| 10 kW | $2.75 | $19,250 | $25,640 | 10.7 years |
| 12 kW | $2.69 | $22,638 | $31,230 | 10.5 years |
| 14 kW | $2.64 | $25,872 | $36,974 | 10.3 years |
| 16 kW | $2.58 | $28,952 | $42,872 | 10.1 years |
| 18 kW | $2.53 | $31,878 | $48,924 | 9.9 years |
| 20 kW | $2.48 | $34,650 | $55,130 | 9.6 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Installation Process: When making the switch to solar power, it's necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: Long-running companies likely have a solid 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lake of the Woods, VA Solar Cost FAQs
How much does it cost to install solar panels in Lake of the Woods?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,750 for a 5-kW system and $27,500 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 higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Lake of the Woods?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.