Solar Panel Cost Guide in Lafayette, OH (2024 Update)
- Lafayette Solar Installation Cost: $18,134
- 25-Year Savings: $15,464
- Payback Period: 15.6 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lafayette
Let’s have a look at the average cost of solar panels in Lafayette.
Although the national average of solar panels is $2.66 per watt, solar panels in Lafayette typically cost about 3.The average solar panel system size in Lafayette is around 7.6 kilowatts, meaning a cost of about $18,134 for a solar installation, or $25,932 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Lafayette based on a few factors, such as the model of solar panels you choose and the solar contractor you hire.With average savings of about $15,000 on power bills over 20 years, many homeowners in Lafayette find installing solar panels can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lafayette
Year | Return on Investment |
---|---|
1 years | $-16,914 |
3 years | $-14,473 |
5 years | $-12,033 |
7 years | $-9,592 |
9 years | $-7,152 |
11 years | $-4,711 |
13 years | $-2,271 |
15 years | $170 |
17 years | $2,610 |
19 years | $5,050 |
21 years | $7,491 |
23 years | $9,931 |
25 years | $12,372 |
Top Solar Installers in Lafayette
Trying to put up solar panels by yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Another perk of going with a solar company is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Lafayette:
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 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 Lafayette
Factors that Affect Solar Panel Costs in Lafayette
Although the average cost of a solar system in Lafayette is $18,134, your actual cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $3,410 per kilowatt in Lafayette.The brand and type of equipment you get for your solar system can increase or decrease 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Lafayette offer solar loans, which reduce the initial cost of installing solar panels.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in Lafayette, and each can charge varying amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to 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 | $3.55 | $14,895 | $8,070 | 16.2 years |
8 kW | $3.48 | $19,478 | $11,142 | 15.9 years |
10 kW | $3.41 | $23,870 | $14,405 | 15.6 years |
12 kW | $3.34 | $28,071 | $17,859 | 15.3 years |
14 kW | $3.27 | $32,081 | $21,504 | 15.0 years |
16 kW | $3.21 | $35,900 | $25,340 | 14.7 years |
18 kW | $3.14 | $39,529 | $29,367 | 14.3 years |
20 kW | $3.07 | $42,966 | $33,585 | 14.0 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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 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 Lafayette, OH Solar Cost FAQs
How much does it cost to install solar panels in Lafayette?
The average cost of solar panels in Lafayette is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lafayette?
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 home 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.
Can you sell solar power back to the grid in Lafayette?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last 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.