Bustrip of 169 km - 7,5 Quetzales, 3 buses or minibuses
Huehuetanango - Los Encuentros (3 hrs)
Los Encuentros - Solola (15 min)
Solola - Panajachel (30 min)
This last part was in a VM van where, I don't exaggerate, more than 25 people were stuck.
It is a great way of discovering the environment. Of course you can also reach all the villages riding with a bus along the lake. But is much more fun taking a boat, like this you get a totally different view of the lake.
Many of the villages around the lake are connected by a limited network of buses or collectivos (often made up of nothing more than a pickup truck). This may not make that many rounds during the day so better ask a local for the up to date schedule. Prices are dirt cheap at under $1 USD per hour.
There are plenty of ferries that take you around the lake at several times during the day. The times of the ferries and the fast boats change so ask around for the current schedule. There are two kinds of transports available: A slow ferry that connects Panajachel, Santiago de Atitlan and San Pedro); and a faster boat network connecting these towns to smaller towns and other destinations.
There are several buses available from Guatemala City taking but a few hours to get you to Panajachel. The prices are dirt cheap (under $1 USD an hour). Also, the buses are not much to ask (refitted, old school buses from the US or Canada).
There are taxis in Panajachel . They are the three wheeled variety . The whole toen is pretty small so we went by foot but we did see them around.
The fastest way to travel around Lago de Atitlan is to take a boat. Pictured is the main dock at San Pedro.
Some places rent motorcycles for your convenience. A valid drivers license is required and a deposit fee.