Solar Panel Cost Guide in Lake City, MN (2024 Update)

  • Lake City Solar Installation Cost: $20,426
  • 25-Year Savings: $19,578
  • Payback Period: 15.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lake City

We break down average solar pricing in Lake City.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake City, the average cost of a solar system is 4 per watt.The average solar panel system size in Lake City is around 7.2 kilowatts, meaning a cost of about $20,426 for a solar installation, or $29,209 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary based on several factors, such as what size system you need, your energy consumption and what installation company you go with.For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on energy bills over 20 years.

Click the button below to get connected to a highly rated solar company in your area for a personalized quote.

Solar savings over time in Lake City

Year Return on Investment
1 years $-19,147
3 years $-16,588
5 years $-14,029
7 years $-11,470
9 years $-8,911
11 years $-6,352
13 years $-3,793
15 years $-1,235
17 years $1,324
19 years $3,883
21 years $6,442
23 years $9,001
25 years $11,560

Top Solar Installers in Lake City

Although you can install solar panels on your own, it requires extra effort and knowledge. Because of that, the majority of homeowners choose to go with a solar panel installer. Another great thing about choosing a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.

If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our suggestions for providers near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Lake City

Factors that Affect Solar Panel Costs in Lake City

The cost of installing a solar system in Lake City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

When it comes to estimating the price of solar panels in Lake City, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $4,030 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you want 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 Lake City to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest.Though solar loans make going solar more accessible for Lake City homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The last significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Lake City, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that has the products, warranties and services you want and also fits within your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $4.19 $17,603 $10,548 15.6 years
8 kW $4.11 $23,019 $14,515 15.3 years
10 kW $4.03 $28,210 $18,708 15.0 years
12 kW $3.95 $33,175 $23,127 14.7 years
14 kW $3.87 $37,914 $27,771 14.4 years
16 kW $3.79 $42,428 $32,641 14.1 years
18 kW $3.71 $46,716 $37,737 13.8 years
20 kW $3.63 $50,778 $43,058 13.5 years

How to Save on Solar Panels

There are many companies available in Lake City, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: Before you sign a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
  • Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Lake City, MN Solar Cost FAQs

What is the average cost of installing solar panels in Lake City?

The average cost of solar panels in Lake City is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on things 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 Lake City?

A solar panel system isn’t free in Lake City, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Is going solar worth it?

Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.

How often do you have to replace solar panels?

Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.

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.

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