Solar Panel Cost Guide in Lake Mathews, CA (2024 Update)
- Lake Mathews Solar Installation Cost: $6,803
- 25-Year Savings: $14,620
- Payback Period: 8.5 Years
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Average Cost of Solar Panels in Lake Mathews
Find out what the average cost of installing solar panels is in Lake Mathews.
The national average cost of solar panels is $2.66 per watt, but in Lake Mathews it’s 3 per watt.To cover the typical energy usage of the average home in Lake Mathews, most homeowners require a 2.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $6,803, or $9,728 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $27,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar company in your area for a custom quote.
Solar savings over time in Lake Mathews
| Year | Return on Investment |
|---|---|
| 1 years | $-5,619 |
| 3 years | $-3,249 |
| 5 years | $-880 |
| 7 years | $1,490 |
| 9 years | $3,859 |
| 11 years | $6,229 |
| 13 years | $8,598 |
| 15 years | $10,968 |
| 17 years | $13,337 |
| 19 years | $15,707 |
| 21 years | $18,076 |
| 23 years | $20,446 |
| 25 years | $22,815 |
Top Solar Installers in Lake Mathews
Trying to put up solar panels by yourself can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
If you’d like to make the switch to solar but still aren’t certain which solar system installer to go with, here are our recommendations for providers nearby:
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 Mathews
Factors that Affect Solar Panel Costs in Lake Mathews
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Lake Mathews: 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
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,470.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Mathews to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest.While solar loans make going solar more accessible for Lake Mathews homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lake Mathews is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, you’ll have many options for solar installers that offer a range of services at different price points.Companies that only sell high-efficiency and high-priced 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 provides the products, warranties and services you’re looking for 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 | $3.61 | $15,157 | $27,628 | 8.9 years |
| 8 kW | $3.54 | $19,821 | $37,226 | 8.7 years |
| 10 kW | $3.47 | $24,290 | $47,019 | 8.5 years |
| 12 kW | $3.40 | $28,565 | $57,005 | 8.3 years |
| 14 kW | $3.33 | $32,646 | $67,186 | 8.2 years |
| 16 kW | $3.26 | $36,532 | $77,562 | 8.0 years |
| 18 kW | $3.19 | $40,224 | $88,131 | 7.8 years |
| 20 kW | $3.12 | $43,722 | $98,895 | 7.7 years |
How to Save on Solar Panels
There are many companies available in Lake Mathews, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
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 Mathews, CA Solar Cost FAQs
How much does it cost to install solar panels in Lake Mathews?
The average cost of solar panels in Lake Mathews is about $17,350 for a 5-kW system and $34,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lake Mathews?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Mathews is currently $577,757, which means you could be looking at a value of about $23,688 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lake Mathews is a rewarding investment.
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 larger 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.