Solar Panel Cost Guide in Lake, PA (2024 Update)
- Lake Solar Installation Cost: $17,175
- 25-Year Savings: $12,403
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Lake
Find out what the average cost of installing solar panels is in Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake, the typical cost of a solar system is 4 per watt.The average solar panel system size in Lake is around 6.9 kilowatts, meaning a cost of about $17,175 for a solar installation, or $24,560 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lake homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find adopting solar power is a solid investment. The average homeowner in Lake can save around $14,000 on their electricity bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,881 |
| 3 years | $-13,292 |
| 5 years | $-10,704 |
| 7 years | $-8,115 |
| 9 years | $-5,526 |
| 11 years | $-2,938 |
| 13 years | $-349 |
| 15 years | $2,239 |
| 17 years | $4,828 |
| 19 years | $7,416 |
| 21 years | $10,005 |
| 23 years | $12,594 |
| 25 years | $15,182 |
Top Solar Installers in Lake
Although you can install solar panels by yourself, it takes extra labor and knowledge. For that reason, the majority of homeowners choose a solar panel installer. Plus, if you aren’t sure what kind of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar installer in Lake, the EcoWatch team has put together a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Lake
Factors that Affect Solar Panel Costs in Lake
Though the average cost of a solar system in Lake is $17,175, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,550.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake, where sunlight isn’t as 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 solar panels in cash is too expensive, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over five to seven years on average.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Lake, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.The company’s size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $3.69 | $15,506 | $5,970 | 18.1 years |
| 8 kW | $3.62 | $20,278 | $8,358 | 17.7 years |
| 10 kW | $3.55 | $24,850 | $10,945 | 17.4 years |
| 12 kW | $3.48 | $29,224 | $13,730 | 17.0 years |
| 14 kW | $3.41 | $33,398 | $16,714 | 16.7 years |
| 16 kW | $3.34 | $37,374 | $19,897 | 16.3 years |
| 18 kW | $3.27 | $41,152 | $23,279 | 16.0 years |
| 20 kW | $3.19 | $44,730 | $26,859 | 15.6 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining 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, including:
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Lake, PA Solar Cost FAQs
How much does it cost to install solar panels in Lake?
The average cost of solar panels in Lake is about $17,750 for a 5-kW system and $35,500 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lake?
You can’t get solar panels for free in Lake. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 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.