Solar Panel Cost Guide in Lexington, NC (2024 Update)
- Lexington Solar Installation Cost: $16,956
- 25-Year Savings: $16,097
- Payback Period: 12.6 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
The average cost of a solar panel system in Lexington is 4 per watt.The average solar panel system size in Lexington is around 6.9 kilowatts, meaning a cost of about $16,956 for a solar installation, or $24,247 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs may look different based on your specific situation and what company you want to go with.With typical savings of about $19,000 on electricity bills over 20 years, many homeowners in Lexington find installing solar panels has a decent ROI.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized quote.
Solar savings over time in Lexington
Year | Return on Investment |
---|---|
1 years | $-15,633 |
3 years | $-12,989 |
5 years | $-10,345 |
7 years | $-7,701 |
9 years | $-5,056 |
11 years | $-2,412 |
13 years | $232 |
15 years | $2,876 |
17 years | $5,521 |
19 years | $8,165 |
21 years | $10,809 |
23 years | $13,453 |
25 years | $16,097 |
Top Solar Installers in Lexington
Although it's possible to install solar panels by yourself, it takes extra labor and handiness. That's one of the reasons most homeowners choose a solar panel installer. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
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
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
Even though the average cost of a solar system in Lexington is $16,956, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Lexington homeowners decide to finance their solar panel systems to offset upfront costs.Even though solar loans make going solar more accessible for Lexington homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down 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 Lexington is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services at different costs.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 cost more. It’s best to do some research and find a company that provides the products, warranties and services you want and also is 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 | $3.65 | $15,332 | $13,978 | 13.1 years |
8 kW | $3.58 | $20,049 | $19,030 | 12.8 years |
10 kW | $3.51 | $24,570 | $24,279 | 12.6 years |
12 kW | $3.44 | $28,894 | $29,724 | 12.3 years |
14 kW | $3.37 | $33,022 | $35,366 | 12.1 years |
16 kW | $3.30 | $36,953 | $41,205 | 11.8 years |
18 kW | $3.23 | $40,688 | $47,240 | 11.6 years |
20 kW | $3.16 | $44,226 | $53,472 | 11.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
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
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lexington, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lexington?
Solar panels aren’t free in Lexington, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will having solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lexington is currently $248,467, which means you can expect a value of about $10,187 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lexington is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.