Solar Panel Cost Guide in Lafayette, WI (2023 Update)
- Lafayette Solar Installation Cost: $13,468
- 25-Year Savings: $23,716
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lafayette
Find out what the average cost of solar panel installation is in Lafayette.
In Lafayette, solar panels cost about 2.6 per watt on average. The average solar panel system size in Lafayette is around 7.4 kilowatts, meaning a cost of about $13,468 for a solar installation, or $19,259 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Lafayette can save about $19,000 on their electricity bills over 20 years.
To get a free estimate from a top solar company in Lafayette, you can click the button below.
Solar savings over time in Lafayette
| Year | Return on Investment |
|---|---|
| 1 years | $-11,981 |
| 3 years | $-9,006 |
| 5 years | $-6,031 |
| 7 years | $-3,057 |
| 9 years | $-82 |
| 11 years | $2,893 |
| 13 years | $5,867 |
| 15 years | $8,842 |
| 17 years | $11,817 |
| 19 years | $14,791 |
| 21 years | $17,766 |
| 23 years | $20,741 |
| 25 years | $23,716 |
Top Solar Installers in Lafayette
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring an installer can make your swap to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
If you're looking for a solar installer in Lafayette, we've put together a list of our top suggestions here:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lafayette
Factors that Affect Solar Panel Costs in Lafayette
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Lafayette: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production 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 $2,600. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Lafayette average.
Solar Financing Terms
Most solar installers in Lafayette offer solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your overall costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lafayette is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Lafayette are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.70 | $11,357 | $18,812 | 9.4 years |
| 8 kW | $2.65 | $14,851 | $25,373 | 9.2 years |
| 10 kW | $2.60 | $18,200 | $32,081 | 9.0 years |
| 12 kW | $2.55 | $21,403 | $38,933 | 8.9 years |
| 14 kW | $2.50 | $24,461 | $45,932 | 8.7 years |
| 16 kW | $2.44 | $27,373 | $53,076 | 8.5 years |
| 18 kW | $2.39 | $30,139 | $60,366 | 8.3 years |
| 20 kW | $2.34 | $32,760 | $67,801 | 8.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you'd like to install plays a role in which company you should opt for, since different companies have access to different panels.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lafayette, WI Solar Cost FAQs
How much does it cost to install solar panels in Lafayette?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,005.61 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.