Solar Panel Cost Guide in Salem Lakes, WI (2023 Update)
- Salem Lakes Solar Installation Cost: $12,704
- 25-Year Savings: $27,158
- Payback Period: 8.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Salem Lakes
Let's have a look at the average cost of solar panels in Salem Lakes.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Salem Lakes, the typical cost of solar panels is 2.6 per watt. The average Salem Lakes homeowner needs a 7.0-kilowatt system, which would cost about $12,704 with the federal tax credit, or $18,167 before the 30% tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on your specific situation and what company you choose to go with. For most homeowners, the upfront investment in solar is worth paying. On average Salem Lakes homeowners see about $22,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Salem Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-11,109 |
| 3 years | $-7,920 |
| 5 years | $-4,731 |
| 7 years | $-1,542 |
| 9 years | $1,647 |
| 11 years | $4,836 |
| 13 years | $8,025 |
| 15 years | $11,214 |
| 17 years | $14,403 |
| 19 years | $17,592 |
| 21 years | $20,780 |
| 23 years | $23,969 |
| 25 years | $27,158 |
Top Solar Installers in Salem Lakes
Many homeowners opt for a solar installer since installing solar panels by yourself can be time-consuming. The payback period of solar panels will vary depending on factors like your roof configuration and energy consumption, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our suggestions for providers nearby:
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 Salem Lakes
Factors that Affect Solar Panel Costs in Salem Lakes
While the average cost of a solar system in Salem Lakes is $12,704, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
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 about $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 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 a small roof 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 additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Salem Lakes to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, 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 panel installer you choose will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by promoting 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 | $22,930 | 8.3 years |
| 8 kW | $2.65 | $14,851 | $30,865 | 8.1 years |
| 10 kW | $2.60 | $18,200 | $38,945 | 8.0 years |
| 12 kW | $2.55 | $21,403 | $47,170 | 7.8 years |
| 14 kW | $2.50 | $24,461 | $55,542 | 7.6 years |
| 16 kW | $2.44 | $27,373 | $64,059 | 7.5 years |
| 18 kW | $2.39 | $30,139 | $72,721 | 7.3 years |
| 20 kW | $2.34 | $32,760 | $81,529 | 7.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose considerably affects your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Warranty: If you're worried about the endurance of your solar system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies have different brands and models of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
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 Salem Lakes, WI Solar Cost FAQs
How much does it cost to install solar panels in Salem Lakes?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Salem Lakes?
You can't get solar panels for free in Salem Lakes. 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 want to own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Salem Lakes, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Salem Lakes?
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 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.