Solar Panel Cost Guide in Lexington, VA (2024 Update)
- Lexington Solar Installation Cost: $19,637
- 25-Year Savings: $25,653
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Lexington
Find out what the average cost of solar panels are in Lexington.
In Lexington, solar panels cost about 4 per watt on average.Using this figure, a typical 7.8-kW system would cost about $19,637 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $20,000 over 20 years on power bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-18,038 |
| 3 years | $-14,840 |
| 5 years | $-11,642 |
| 7 years | $-8,444 |
| 9 years | $-5,247 |
| 11 years | $-2,049 |
| 13 years | $1,149 |
| 15 years | $4,347 |
| 17 years | $7,545 |
| 19 years | $10,743 |
| 21 years | $13,941 |
| 23 years | $17,139 |
| 25 years | $20,336 |
Top Solar Installers in Lexington
Many homeowners decide to use a solar panel installer since trying to put up solar panels by yourself can be challenging. Another good thing about choosing a reputable solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Lexington
Factors that Affect Solar Panel Costs in Lexington
For many Lexington homeowners, the decision to install solar panels 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 greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,590 per kilowatt in Lexington.There are many different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Lexington have solar loans, which reduce your upfront costs of installing solar panels.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you pick will affect your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Lexington have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $3.73 | $15,681 | $15,566 | 12.5 years |
| 8 kW | $3.66 | $20,506 | $21,157 | 12.3 years |
| 10 kW | $3.59 | $25,130 | $26,949 | 12.1 years |
| 12 kW | $3.52 | $29,553 | $32,942 | 11.8 years |
| 14 kW | $3.45 | $33,775 | $39,135 | 11.6 years |
| 16 kW | $3.37 | $37,796 | $45,530 | 11.3 years |
| 18 kW | $3.30 | $41,615 | $52,126 | 11.1 years |
| 20 kW | $3.23 | $45,234 | $58,923 | 10.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose significantly impacts your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- 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 large role in the company you choose.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
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 Lexington, VA Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
The average cost of solar panels in Lexington is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lexington?
Leasing solar panels can be an attractive choice, as it usually 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,041.57 per year.
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.