Solar Panel Cost Guide in Lexington, TN (2024 Update)
- Lexington Solar Installation Cost: $19,563
- 25-Year Savings: $12,292
- Payback Period: 18.9 Years
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
Although the national average of solar panels is $2.66 per watt, solar panels in Lexington generally cost around 4.Since a 7.8-kW system is needed to cover the energy costs of a typical home in Lexington, the average price of going solar will be about $19,563 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy consumption and what company you go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Lexington can save around $13,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar installer in your area for a customized estimate.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-18,075 |
| 3 years | $-15,099 |
| 5 years | $-12,123 |
| 7 years | $-9,147 |
| 9 years | $-6,172 |
| 11 years | $-3,196 |
| 13 years | $-220 |
| 15 years | $2,756 |
| 17 years | $5,732 |
| 19 years | $8,707 |
| 21 years | $11,683 |
| 23 years | $14,659 |
| 25 years | $17,635 |
Top Solar Installers in Lexington
Although you can install solar panels by yourself, it requires extra labor and expertise. Because of that, most homeowners choose a solar panel installer. Some solar companies, particularly local ones, can help you better understand incentives in Lexington, therefore optimizing your ROI.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
For many Lexington homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lexington, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Lexington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $3,580 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lexington, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Lexington offer solar loans, which reduce your upfront costs of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Lexington, and each can charge different amounts for labor and equipment.Additionally, some companies in Lexington are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.72 | $15,637 | $4,268 | 19.6 years |
| 8 kW | $3.65 | $20,449 | $6,092 | 19.3 years |
| 10 kW | $3.58 | $25,060 | $8,116 | 18.9 years |
| 12 kW | $3.51 | $29,471 | $10,341 | 18.5 years |
| 14 kW | $3.44 | $33,681 | $12,766 | 18.1 years |
| 16 kW | $3.37 | $37,690 | $15,392 | 17.8 years |
| 18 kW | $3.29 | $41,499 | $18,218 | 17.4 years |
| 20 kW | $3.22 | $45,108 | $21,244 | 17.0 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose significantly impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: When reading over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lexington, TN Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
The average cost of solar panels in Lexington is about $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lexington?
Solar panels aren’t free in Lexington, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase your property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.