Solar Panel Cost Guide in Lakewood, WA (2024 Update)
- Lakewood Solar Installation Cost: $10,754
- 25-Year Savings: $10,768
- Payback Period: 14.3 Years
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Average Cost of Solar Panels in Lakewood
Find out what the average cost of solar panel installation is in Lakewood.
The average cost of solar panels in Lakewood is 4 per watt.The average solar panel system size in Lakewood is around 4.3 kilowatts, meaning a cost of about $10,754 for a solar installation, or $15,378 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on factors unique to your home and what company you want to go with.Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Lakewood can save about $18,000 on their electricity bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a custom estimate.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-9,526 |
| 3 years | $-7,071 |
| 5 years | $-4,615 |
| 7 years | $-2,159 |
| 9 years | $296 |
| 11 years | $2,752 |
| 13 years | $5,207 |
| 15 years | $7,663 |
| 17 years | $10,119 |
| 19 years | $12,574 |
| 21 years | $15,030 |
| 23 years | $17,485 |
| 25 years | $19,941 |
Top Solar Installers in Lakewood
Many homeowners choose to hire a solar installation company since trying to put up solar panels yourself can be a labor-intensive endeavor. Plus, if you aren’t sure what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar company in Lakewood, we've organized a list of our top suggestions here:
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 Lakewood
Factors that Affect Solar Panel Costs in Lakewood
The cost of installing a solar system in Lakewood can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,590. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lakewood, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they cut back 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 crucial to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can influence your pricing. Lakewood’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 | $10,595 | 14.9 years |
| 8 kW | $3.66 | $20,506 | $14,529 | 14.6 years |
| 10 kW | $3.59 | $25,130 | $18,664 | 14.3 years |
| 12 kW | $3.52 | $29,553 | $22,999 | 14.1 years |
| 14 kW | $3.45 | $33,775 | $27,536 | 13.8 years |
| 16 kW | $3.37 | $37,796 | $32,274 | 13.5 years |
| 18 kW | $3.30 | $41,615 | $37,213 | 13.2 years |
| 20 kW | $3.23 | $45,234 | $42,353 | 12.9 years |
How to Save on Solar Panels
The solar company you go with will influence not only your total costs, but also the types 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:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
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 Lakewood, WA Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood?
The average cost of solar panels in Lakewood is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels significantly reduce my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lakewood, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact 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?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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.