Solar Panel Cost Guide in Lake Mills, WI (2024 Update)
- Lake Mills Solar Installation Cost: $19,772
- 25-Year Savings: $24,871
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Lake Mills
Here’s how much it might cost to switch to solar power in Lake Mills.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Mills, the typical cost of solar panels is 4 per watt.To cover the typical energy usage of the average home in Lake Mills, most homeowners require a 7.3-kilowatt system. Using the figure above, a solar installation costs about $19,772, or $28,274 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you choose, your solar contractor and more.But, after you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $20,000 over 20 years on power bills.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lake Mills
| Year | Return on Investment |
|---|---|
| 1 years | $-18,476 |
| 3 years | $-15,886 |
| 5 years | $-13,295 |
| 7 years | $-10,704 |
| 9 years | $-8,113 |
| 11 years | $-5,522 |
| 13 years | $-2,931 |
| 15 years | $-340 |
| 17 years | $2,251 |
| 19 years | $4,842 |
| 21 years | $7,433 |
| 23 years | $10,024 |
| 25 years | $12,615 |
Top Solar Installers in Lake Mills
Although it's possible to install solar panels on your own, it involves extra labor and expertise. Because of that, most people choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Mills
Factors that Affect Solar Panel Costs in Lake Mills
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Lake Mills: 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 size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,880. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 over time on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Lake Mills average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Lake Mills homeowners decide to finance their solar panel systems to offset upfront costs.It’s a good idea to include 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.04 | $16,948 | $14,470 | 13.5 years |
| 8 kW | $3.96 | $22,163 | $19,728 | 13.2 years |
| 10 kW | $3.88 | $27,160 | $25,203 | 13.0 years |
| 12 kW | $3.80 | $31,940 | $30,896 | 12.7 years |
| 14 kW | $3.72 | $36,503 | $36,806 | 12.4 years |
| 16 kW | $3.65 | $40,849 | $42,933 | 12.2 years |
| 18 kW | $3.57 | $44,977 | $49,277 | 11.9 years |
| 20 kW | $3.49 | $48,888 | $55,839 | 11.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Companies that have been in business for many years likely have a high 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 support, such as part repairs and replacements.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Mills, WI Solar Cost FAQs
How much does it cost to install solar panels in Lake Mills?
The average cost of solar panels in Lake Mills is about $19,400 for a 5-kW system and $38,800 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lake Mills?
A solar panel system isn’t free in Lake Mills, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t choose 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 solar panels."
How long do solar panels last in Lake Mills?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had 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.