Solar Panel Cost Guide in Lacey, WA (2024 Update)
- Lacey Solar Installation Cost: $11,424
- 25-Year Savings: $10,271
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Lacey
We break down average solar pricing in Lacey.
In Lacey, solar panels cost about 4 per watt on average.The average Lacey homeowner needs a 4.5-kilowatt system, which would cost about $11,424 with the federal tax credit, or $16,336 before the 0 tax credit is applied.
These figures are only estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you go with.With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Lacey find going solar can pay off big.
You can click the button below to get connected with a top solar installer in Lacey that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lacey
| Year | Return on Investment |
|---|---|
| 1 years | $-10,148 |
| 3 years | $-7,596 |
| 5 years | $-5,045 |
| 7 years | $-2,493 |
| 9 years | $59 |
| 11 years | $2,611 |
| 13 years | $5,163 |
| 15 years | $7,714 |
| 17 years | $10,266 |
| 19 years | $12,818 |
| 21 years | $15,370 |
| 23 years | $17,922 |
| 25 years | $20,474 |
Top Solar Installers in Lacey
Many homeowners choose to use a solar panel installer since figuring out how to install solar panels by yourself can be challenging. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Lacey
Factors that Affect Solar Panel Costs in Lacey
For many Lacey homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lacey, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $3,590 per kilowatt in Lacey.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Lacey homeowners opt to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of financing options, including the total 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 principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Lacey is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that offer a range of services at different costs.The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.73 | $15,681 | $9,054 | 15.8 years |
| 8 kW | $3.66 | $20,506 | $12,474 | 15.5 years |
| 10 kW | $3.59 | $25,130 | $16,095 | 15.2 years |
| 12 kW | $3.52 | $29,553 | $19,917 | 14.9 years |
| 14 kW | $3.45 | $33,775 | $23,940 | 14.6 years |
| 16 kW | $3.37 | $37,796 | $28,164 | 14.3 years |
| 18 kW | $3.30 | $41,615 | $32,589 | 14.0 years |
| 20 kW | $3.23 | $45,234 | $37,216 | 13.7 years |
How to Save on Solar Panels
There are numerous companies available in Lacey, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Warranty: If you’re worried about the longevity of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: Long-standing 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 service, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies 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 opt for.
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 Lacey, WA Solar Cost FAQs
What is the average cost of installing solar panels in Lacey?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,950 for a 5-kW system and $35,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lacey?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will solar panels impact my property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go 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 long do solar panels last in Lacey?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.