Solar Panel Cost Guide in Lawrence, WI (2023 Update)
- Lawrence Solar Installation Cost: $12,658
- 25-Year Savings: $25,433
- Payback Period: 8.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of a solar system is in Lawrence.
While the national average of solar panels is $2.66 per watt, solar panels in Lawrence generally cost about 2.6. The average solar panel system size in Lawrence is around 7.0 kilowatts, meaning a cost of about $12,667 for a solar installation, or $18,114 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lawrence homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $21,000 over 20 years on power bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-12,531 |
| 3 years | $-12,277 |
| 5 years | $-12,023 |
| 7 years | $-11,769 |
| 9 years | $-11,515 |
| 11 years | $-11,261 |
| 13 years | $-11,007 |
| 15 years | $-10,753 |
| 17 years | $-10,500 |
| 19 years | $-10,246 |
| 21 years | $-9,992 |
| 23 years | $-9,738 |
| 25 years | $-9,484 |
Top Solar Installers in Lawrence
Many homeowners opt for a solar installer since trying to install solar panels by yourself can be challenging. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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
There are a number of factors that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar panel system you need for your household, 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 $2,600. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Lawrence provide solar loans, which reduce the initial cost of installing solar panels. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lawrence is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. 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 specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $21,504 | 8.6 years |
| 8 kW | $2.65 | $14,851 | $28,963 | 8.5 years |
| 10 kW | $2.60 | $18,200 | $36,567 | 8.3 years |
| 12 kW | $2.55 | $21,403 | $44,318 | 8.1 years |
| 14 kW | $2.50 | $24,461 | $52,213 | 8.0 years |
| 16 kW | $2.44 | $27,373 | $60,255 | 7.8 years |
| 18 kW | $2.39 | $30,139 | $68,442 | 7.6 years |
| 20 kW | $2.34 | $32,760 | $76,775 | 7.5 years |
How to Save on Solar Panels
The solar installer you choose 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 some important things you should consider, such as:
- Solar Panel Brands: The type of solar panel you want plays a role in which installer you should choose, since different companies provide different panels.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: Warranties that provide coverage for replacement parts and repairs 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 indication of a quality company.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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?
The average cost of solar panels in Lawrence 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 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 consider when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Lawrence?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How often do you have to replace solar panels?
On average, solar panels can last 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 level 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.