Solar Panel Cost Guide in Lawrence, WI (2024 Update)
- Lawrence Solar Installation Cost: $18,890
- 25-Year Savings: $25,433
- Payback Period: 12.4 Years
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Average Cost of Solar Panels in Lawrence
Here’s how much it might cost to install solar panels in Lawrence.
The national average cost of solar panels is $2.66 per watt, but in Lawrence it’s 4 per watt.To account for the typical energy usage of the average home in Lawrence, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,890, or $27,013 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you choose, your solar contractor and more.Despite the large initial cost, the average Lawrence homeowner can save about $21,000 on their energy bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-17,594 |
| 3 years | $-15,003 |
| 5 years | $-12,412 |
| 7 years | $-9,821 |
| 9 years | $-7,230 |
| 11 years | $-4,639 |
| 13 years | $-2,048 |
| 15 years | $543 |
| 17 years | $3,134 |
| 19 years | $5,725 |
| 21 years | $8,315 |
| 23 years | $10,906 |
| 25 years | $13,497 |
Top Solar Installers in Lawrence
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using an installer can make your swap to solar power much easier. The expertise that solar companies provide can be valuable as well, especially if you don’t quite know what kind of solar equipment would be right for your home.
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 Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Although the average cost of a solar system in Lawrence is $18,890, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need 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 $3,880.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Lawrence offer solar loans, which reduce your upfront costs of installing solar.While solar loans make switching to solar energy more accessible for Lawrence homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lawrence is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services for different budgets.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $4.04 | $16,948 | $15,913 | 12.9 years |
| 8 kW | $3.96 | $22,163 | $21,651 | 12.6 years |
| 10 kW | $3.88 | $27,160 | $27,607 | 12.4 years |
| 12 kW | $3.80 | $31,940 | $33,781 | 12.1 years |
| 14 kW | $3.72 | $36,503 | $40,171 | 11.9 years |
| 16 kW | $3.65 | $40,849 | $46,779 | 11.7 years |
| 18 kW | $3.57 | $44,977 | $53,604 | 11.4 years |
| 20 kW | $3.49 | $48,888 | $60,647 | 11.2 years |
How to Save on Solar Panels
There are many companies to choose from in Lawrence, 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:
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
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 Lawrence, WI Solar Cost FAQs
How much does it cost to install solar panels in Lawrence?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $19,400 for a 5-kW system and $38,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
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 larger 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.