Solar Panel Cost Guide in Lake Ridge, VA (2024 Update)
- Lake Ridge Solar Installation Cost: $20,044
- 25-Year Savings: $21,447
- Payback Period: 13.6 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lake Ridge
We break down average solar pricing in Lake Ridge.
In Lake Ridge, solar panels cost about 4 per watt on average.The average solar panel system size in Lake Ridge is around 8.0 kilowatts, meaning a cost of about $20,044 for a solar installation, or $28,663 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want, your solar contractor and more.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lake Ridge
Year | Return on Investment |
---|---|
1 years | $-18,445 |
3 years | $-15,247 |
5 years | $-12,049 |
7 years | $-8,851 |
9 years | $-5,653 |
11 years | $-2,455 |
13 years | $743 |
15 years | $3,941 |
17 years | $7,138 |
19 years | $10,336 |
21 years | $13,534 |
23 years | $16,732 |
25 years | $19,930 |
Top Solar Installers in Lake Ridge
Installing solar panels on your own can be a time-consuming undertaking, which is why getting a solar installation company is a good option for many homeowners. Solar warranties and repairs are often included in the cost of installation when you sign a contract with a solar contractor too, which can save you more money after your initial investment.
If you’d like to start using solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers nearby:
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
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 Ridge
Factors that Affect Solar Panel Costs in Lake Ridge
There are several factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,590. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake Ridge, where sunlight is relatively 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
Most solar companies in Lake Ridge offer solar loans, which reduce the initial cost of installing solar panels.However, the interest on solar loans also increases your overall costs, so it’s important to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Lake Ridge, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
---|---|---|---|---|
6 kW | $3.73 | $15,681 | $12,002 | 14.2 years |
8 kW | $3.66 | $20,506 | $16,405 | 13.9 years |
10 kW | $3.59 | $25,130 | $21,009 | 13.6 years |
12 kW | $3.52 | $29,553 | $25,814 | 13.3 years |
14 kW | $3.45 | $33,775 | $30,819 | 13.1 years |
16 kW | $3.37 | $37,796 | $36,026 | 12.8 years |
18 kW | $3.30 | $41,615 | $41,434 | 12.5 years |
20 kW | $3.23 | $45,234 | $47,043 | 12.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Lake Ridge, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- 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.
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
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 Ridge, VA Solar Cost FAQs
How much does it cost to install solar panels in Lake Ridge?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,950 for a 5-kW system and $35,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lake Ridge?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside 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 way to go if you want to maximize your savings.
How much can I save on electricity bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lake Ridge, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.