Solar Panel Cost Guide in Lima, WI (2023 Update)
- Lima Solar Installation Cost: $12,688
- 25-Year Savings: $24,072
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lima
Let's take a look at the average cost of solar in Lima.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lima, the typical cost of solar panels is 2.6 per watt. The average solar panel system size in Lima is around 7.0 kilowatts, meaning a cost of about $12,685 for a solar installation, or $18,140 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lima homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With average savings of about $20,000 on utility bills over 20 years, many homeowners in Lima find going solar has a decent ROI.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-12,565 |
| 3 years | $-12,320 |
| 5 years | $-12,075 |
| 7 years | $-11,830 |
| 9 years | $-11,585 |
| 11 years | $-11,340 |
| 13 years | $-11,095 |
| 15 years | $-10,850 |
| 17 years | $-10,605 |
| 19 years | $-10,360 |
| 21 years | $-10,115 |
| 23 years | $-9,870 |
| 25 years | $-9,625 |
Top Solar Installers in Lima
When making the switch to solar, many homeowners opt to use a solar installer since installing solar panels yourself can be a challenging project. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
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 Lima
Factors that Affect Solar Panel Costs in Lima
Cost is often 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 Lima: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Lima to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. It's a good idea to add 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 panel installation company you select will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, 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 | $20,281 | 9.0 years |
| 8 kW | $2.65 | $14,851 | $27,332 | 8.8 years |
| 10 kW | $2.60 | $18,200 | $34,529 | 8.6 years |
| 12 kW | $2.55 | $21,403 | $41,872 | 8.5 years |
| 14 kW | $2.50 | $24,461 | $49,360 | 8.3 years |
| 16 kW | $2.44 | $27,373 | $56,994 | 8.1 years |
| 18 kW | $2.39 | $30,139 | $64,773 | 7.9 years |
| 20 kW | $2.34 | $32,760 | $72,698 | 7.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Warranty: If you're worried about the durability of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Lima, WI Solar Cost FAQs
How much does it cost to install solar panels in Lima?
The average cost of solar panels in Lima 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lima?
You can't get solar panels for free in Lima. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Does Lima have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Lima?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.