Solar Panel Cost Guide in Lake Geneva, WI (2023 Update)
- Lake Geneva Solar Installation Cost: $13,114
- 25-Year Savings: $25,609
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Geneva
Here's how much it might cost to make the switch to solar in Lake Geneva.
The national average cost of solar panels is $2.66 per watt, but in Lake Geneva it's 2.6 per watt. The average Lake Geneva homeowner needs a 7.2-kilowatt system, which would cost about $13,122 with the federal tax credit, or $18,764 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lake Geneva homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the high initial cost, the average Lake Geneva homeowner can save about $20,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in Lake Geneva for a custom estimate.
Solar savings over time in Lake Geneva
| Year | Return on Investment |
|---|---|
| 1 years | $-12,985 |
| 3 years | $-12,727 |
| 5 years | $-12,469 |
| 7 years | $-12,211 |
| 9 years | $-11,953 |
| 11 years | $-11,694 |
| 13 years | $-11,436 |
| 15 years | $-11,178 |
| 17 years | $-10,920 |
| 19 years | $-10,662 |
| 21 years | $-10,404 |
| 23 years | $-10,145 |
| 25 years | $-9,887 |
Top Solar Installers in Lake Geneva
Although you can install solar panels yourself, it takes extra labor and handiness. That's why the majority of homeowners choose to hire a solar panel installer. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you'd like to switch to solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers near you:
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 Lake Geneva
Factors that Affect Solar Panel Costs in Lake Geneva
Though the average cost of a solar system in Lake Geneva is $13,122, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most significant 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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,600 per kilowatt in Lake Geneva. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk 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 | $2.70 | $11,357 | $20,887 | 8.8 years |
| 8 kW | $2.65 | $14,851 | $28,141 | 8.6 years |
| 10 kW | $2.60 | $18,200 | $35,540 | 8.5 years |
| 12 kW | $2.55 | $21,403 | $43,084 | 8.3 years |
| 14 kW | $2.50 | $24,461 | $50,775 | 8.1 years |
| 16 kW | $2.44 | $27,373 | $58,611 | 8.0 years |
| 18 kW | $2.39 | $30,139 | $66,592 | 7.8 years |
| 20 kW | $2.34 | $32,760 | $74,719 | 7.6 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Lake Geneva, 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:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
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 Lake Geneva, WI Solar Cost FAQs
What is the average cost of installing solar panels in Lake Geneva?
The average cost of solar panels in Lake Geneva is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Geneva is currently $231,800, which means you can expect a value of about $9,504 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lake Geneva is a worthwhile investment.
How long do solar panels last in Lake Geneva?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.