Solar Panel Cost Guide in Lancaster, WI (Jan 2023)
- Lancaster Solar Installation Cost: $13,177
- 25-Year Savings: $22,828
- Payback Period: 9.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Lancaster
Find out how much it might cost to install solar panels in Lancaster.
In Lancaster, solar panels cost about $3 per watt on average. To cover the typical energy needs of the average home in Lancaster, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,177, or $9,751 after the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of equipment you choose, your solar contractor and more. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Lancaster can save about $19,000 on their electricity bills over 20 years.
Click the button below to get connected to a reputable solar panel company in Lancaster for a personalized quote.
Solar savings over time in Lancaster
| Year | Return on Investment |
|---|---|
| 1 years | $-11,737 |
| 3 years | $-8,856 |
| 5 years | $-5,976 |
| 7 years | $-3,095 |
| 9 years | $-215 |
| 11 years | $2,666 |
| 13 years | $5,546 |
| 15 years | $8,426 |
| 17 years | $11,307 |
| 19 years | $14,187 |
| 21 years | $17,068 |
| 23 years | $19,948 |
| 25 years | $22,828 |
Top Solar Installers in Lancaster
Installing solar panels on your own can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you're looking for a solar installer in Lancaster, the EcoWatch team has 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 Lancaster
Factors that Affect Solar Panel Costs in Lancaster
For many Lancaster homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lancaster, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,600. The model of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Lancaster, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lancaster is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $2.70 | $11,357 | $18,467 | 9.5 years |
| 8 kW | $2.65 | $14,851 | $24,913 | 9.3 years |
| 10 kW | $2.60 | $18,200 | $31,506 | 9.2 years |
| 12 kW | $2.55 | $21,403 | $38,244 | 9.0 years |
| 14 kW | $2.50 | $24,461 | $45,127 | 8.8 years |
| 16 kW | $2.44 | $27,373 | $52,156 | 8.6 years |
| 18 kW | $2.39 | $30,139 | $59,331 | 8.4 years |
| 20 kW | $2.34 | $32,760 | $66,651 | 8.2 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- 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 service, such as part repairs and replacements.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
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 Lancaster, WI Solar Cost FAQs
What is the average cost of installing solar panels in Lancaster?
The average cost of solar panels in Lancaster is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lancaster?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
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 Lancaster is currently $148,200, which means you can expect a value of about $6,076 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lancaster is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.