Solar Panel Cost Guide in Luray, VA (2024 Update)
- Luray Solar Installation Cost: $20,239
- 25-Year Savings: $19,619
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Luray
Find out what the average cost of solar panel installation is in Luray.
In Luray, solar panels cost about 4 per watt on average.Because a 8.1-kW system is needed to cover the energy costs of a typical home in Luray, the average price of going solar will be about $20,239 after claiming the federal solar tax credit of 0.
Keep in mind 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.Even with the significant upfront cost, the average Luray homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the perks of solar.
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 Luray
| Year | Return on Investment |
|---|---|
| 1 years | $-18,640 |
| 3 years | $-15,442 |
| 5 years | $-12,244 |
| 7 years | $-9,046 |
| 9 years | $-5,849 |
| 11 years | $-2,651 |
| 13 years | $547 |
| 15 years | $3,745 |
| 17 years | $6,943 |
| 19 years | $10,141 |
| 21 years | $13,339 |
| 23 years | $16,537 |
| 25 years | $19,734 |
Top Solar Installers in Luray
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar company can make your switch to solar power much easier. The payback period on a solar system will vary based on factors like your roof configuration and energy usage, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you're on the hunt for a solar company in Luray, we've organized a list of our top suggestions here:
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 Luray
Factors that Affect Solar Panel Costs in Luray
For many Luray homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Luray, 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
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,590. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Luray, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Luray homeowners choose to finance their solar panel systems to offset upfront costs.Though solar loans make switching to solar energy more accessible for Luray homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can influence your pricing. Luray’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger 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 | $10,485 | 15.0 years |
| 8 kW | $3.66 | $20,506 | $14,381 | 14.7 years |
| 10 kW | $3.59 | $25,130 | $18,479 | 14.4 years |
| 12 kW | $3.52 | $29,553 | $22,778 | 14.1 years |
| 14 kW | $3.45 | $33,775 | $27,278 | 13.8 years |
| 16 kW | $3.37 | $37,796 | $31,979 | 13.5 years |
| 18 kW | $3.30 | $41,615 | $36,882 | 13.3 years |
| 20 kW | $3.23 | $45,234 | $41,985 | 13.0 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose considerably impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
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 Luray, VA Solar Cost FAQs
What is the average cost of installing solar panels in Luray?
This is a difficult question to answer exactly, because the cost depends on many 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Luray?
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 way to go if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $872.19 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.