Solar Panel Cost Guide in Lake Wales, FL (2024 Update)
- Lake Wales Solar Installation Cost: $12,358
- 25-Year Savings: $24,610
- Payback Period: 9.0 Years
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Average Cost of Solar Panels in Lake Wales
Here’s how much it might cost to switch to solar power in Lake Wales.
While the national average of solar panels is $2.66 per watt, solar panels in Lake Wales generally cost around 3.The average solar panel system size in Lake Wales is around 5.5 kilowatts, meaning a cost of about $12,358 for a solar installation, or $17,672 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lake Wales homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Even with the significant initial cost, the average Lake Wales homeowner can save around $25,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a vetted solar installer in your area for a customized quote.
Solar savings over time in Lake Wales
| Year | Return on Investment |
|---|---|
| 1 years | $-10,583 |
| 3 years | $-7,034 |
| 5 years | $-3,484 |
| 7 years | $65 |
| 9 years | $3,615 |
| 11 years | $7,164 |
| 13 years | $10,714 |
| 15 years | $14,264 |
| 17 years | $17,813 |
| 19 years | $21,363 |
| 21 years | $24,912 |
| 23 years | $28,462 |
| 25 years | $32,011 |
Top Solar Installers in Lake Wales
Putting up solar panels by yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. Another advantage of going with a solar installer is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
There are various licensed solar professionals that can help you install your solar system. 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 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 Wales
Factors that Affect Solar Panel Costs in Lake Wales
For many Lake Wales homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lake Wales, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake Wales, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
If paying for a solar system in cash is difficult, solar loans are a solid option because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.While solar loans make switching to solar energy more accessible for Lake Wales homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can play a part in determining your pricing. Lake Wales’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $3.34 | $14,021 | $23,452 | 9.4 years |
| 8 kW | $3.27 | $18,336 | $31,629 | 9.2 years |
| 10 kW | $3.21 | $22,470 | $39,986 | 9.0 years |
| 12 kW | $3.15 | $26,425 | $48,522 | 8.8 years |
| 14 kW | $3.08 | $30,200 | $57,238 | 8.6 years |
| 16 kW | $3.02 | $33,795 | $66,134 | 8.5 years |
| 18 kW | $2.95 | $37,210 | $75,210 | 8.3 years |
| 20 kW | $2.89 | $40,446 | $84,465 | 8.1 years |
How to Save on Solar Panels
The solar panel company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- Installation Process: Make sure you’re aligned with the installer with 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.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- 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 you can expect about your solar system’s energy production.
- Solar Panel Brands: Different companies offer different brands and models of panels. If you want a specific brand, make sure the solar company you’re considering has it.
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 Wales, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Wales?
The average cost of solar panels in Lake Wales is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lake Wales?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Lake Wales?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates 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 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.