Solar Panel Cost Guide in Lake Lorraine, FL (2024 Update)
- Lake Lorraine Solar Installation Cost: $13,054
- 25-Year Savings: $25,550
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Lake Lorraine
See how much it might cost to install solar panels in Lake Lorraine.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Lorraine, the average cost of a solar system is 3 per watt.Using this figure, a typical 5.8-kW system would cost about $13,054 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Lake Lorraine based on several factors, such as the brand of solar panels you choose and the solar company you hire.Even with the large initial cost, the average Lake Lorraine homeowner can save around $23,000 on their energy bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a pre-vetted solar installer in Lake Lorraine for a quote for your home.
Solar savings over time in Lake Lorraine
| Year | Return on Investment |
|---|---|
| 1 years | $-11,294 |
| 3 years | $-7,776 |
| 5 years | $-4,257 |
| 7 years | $-739 |
| 9 years | $2,780 |
| 11 years | $6,298 |
| 13 years | $9,817 |
| 15 years | $13,335 |
| 17 years | $16,854 |
| 19 years | $20,372 |
| 21 years | $23,891 |
| 23 years | $27,409 |
| 25 years | $30,928 |
Top Solar Installers in Lake Lorraine
Installing solar panels yourself can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. Another upside of utilizing a solar installer is that they can help you maximize your investment by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you’d like to start using solar energy but still aren’t sure which solar company to go with, here are our recommendations for providers in Lake Lorraine:
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Lake Lorraine
Factors that Affect Solar Panel Costs in Lake Lorraine
The cost of installing a solar system in Lake Lorraine can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need, 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 $3,210. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lake Lorraine, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Lake Lorraine have solar loans, which reduce the initial cost of installing solar.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Lake Lorraine, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lake Lorraine have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.34 | $14,021 | $22,992 | 9.5 years |
| 8 kW | $3.27 | $18,336 | $31,016 | 9.3 years |
| 10 kW | $3.21 | $22,470 | $39,220 | 9.1 years |
| 12 kW | $3.15 | $26,425 | $47,603 | 8.9 years |
| 14 kW | $3.08 | $30,200 | $56,166 | 8.7 years |
| 16 kW | $3.02 | $33,795 | $64,908 | 8.6 years |
| 18 kW | $2.95 | $37,210 | $73,831 | 8.4 years |
| 20 kW | $2.89 | $40,446 | $82,933 | 8.2 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable 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 satisfied reviews from previous customers.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and how long the project will take.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Lake Lorraine, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Lorraine?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $16,050 for a 5-kW system and $32,100 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 consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lake Lorraine?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Lake Lorraine?
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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 account for 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.