Solar Panel Cost Guide in Lawrence, IN (2024 Update)
- Lawrence Solar Installation Cost: $25,383
- 25-Year Savings: $22,129
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Lawrence
Find out what the average cost of solar panel installation is in Lawrence.
The average cost of solar panels in Lawrence is 4 per watt.The average solar panel system size in Lawrence is around 8.8 kilowatts, meaning a cost of about $25,383 for a solar installation, or $36,298 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar panels you want, your solar contractor and more.With average savings of about $17,000 on power bills over 20 years, many homeowners in Lawrence find installing solar panels can be quite rewarding.
You can click the button below to get connected with a vetted solar installer in Lawrence that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-24,098 |
| 3 years | $-21,529 |
| 5 years | $-18,959 |
| 7 years | $-16,389 |
| 9 years | $-13,820 |
| 11 years | $-11,250 |
| 13 years | $-8,680 |
| 15 years | $-6,111 |
| 17 years | $-3,541 |
| 19 years | $-972 |
| 21 years | $1,598 |
| 23 years | $4,168 |
| 25 years | $6,737 |
Top Solar Installers in Lawrence
Although it's possible to install solar panels on your own, it requires extra energy and handiness. That's why most people choose to hire a solar panel installer. Another upside of utilizing a solar installer is that they can help you make the most of your ROI by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you're on the hunt for a solar installer in Lawrence, we've put together a list of our top suggestions here:
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lawrence
Factors that Affect Solar Panel Costs in Lawrence
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Lawrence: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $4,100 per kilowatt in Lawrence.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional 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 your upfront costs 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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $8,360 | 17.0 years |
| 8 kW | $4.18 | $23,419 | $11,606 | 16.7 years |
| 10 kW | $4.10 | $28,700 | $15,081 | 16.4 years |
| 12 kW | $4.02 | $33,751 | $18,786 | 16.1 years |
| 14 kW | $3.94 | $38,573 | $22,721 | 15.7 years |
| 16 kW | $3.85 | $43,165 | $26,885 | 15.4 years |
| 18 kW | $3.77 | $47,527 | $31,279 | 15.1 years |
| 20 kW | $3.69 | $51,660 | $35,902 | 14.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: It’s important to read your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Installation Process: One of the most important things 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 what the project timeline is.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lawrence, IN Solar Cost FAQs
How much does it cost to install solar panels in Lawrence?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Lawrence?
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.