Solar Panel Cost Guide in Lincoln, AL (2023 Update)
- Lincoln Solar Installation Cost: $15,589
- 25-Year Savings: $34,820
- Payback Period: 7.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lincoln
Here's how much it might cost to switch to solar power in Lincoln.
The average cost of solar panels in Lincoln is 2.45 per watt. Using this figure, a typical 9.1-kW system would cost about $15,589 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy consumption and what company you go with. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $21,000 in savings on electricity bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-13,573 |
| 3 years | $-9,540 |
| 5 years | $-5,508 |
| 7 years | $-1,475 |
| 9 years | $2,558 |
| 11 years | $6,591 |
| 13 years | $10,623 |
| 15 years | $14,656 |
| 17 years | $18,689 |
| 19 years | $22,722 |
| 21 years | $26,754 |
| 23 years | $30,787 |
| 25 years | $34,820 |
Top Solar Installers in Lincoln
When going solar, many homeowners decide to go with a solar company since installing a solar system yourself can be a time-consuming project. Some solar installers, particularly local ones, can help you take advantage of incentives in Lincoln, therefore optimizing your ROI.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Lincoln: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most important 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 uses, the larger your system will likely need to be. You can expect to pay around $2,450 per kilowatt in Lincoln. The kind of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lincoln is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $2.55 | $10,702 | $22,556 | 8.0 years |
| 8 kW | $2.50 | $13,994 | $30,349 | 7.9 years |
| 10 kW | $2.45 | $17,150 | $38,279 | 7.7 years |
| 12 kW | $2.40 | $20,168 | $46,346 | 7.6 years |
| 14 kW | $2.35 | $23,050 | $54,551 | 7.4 years |
| 16 kW | $2.30 | $25,794 | $62,892 | 7.3 years |
| 18 kW | $2.25 | $28,400 | $71,371 | 7.1 years |
| 20 kW | $2.21 | $30,870 | $79,988 | 7.0 years |
How to Save on Solar Panels
There are many companies available in Lincoln, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you're concerned about the durability of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Lincoln, AL Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
The average cost of solar panels in Lincoln is about $12,250 for a 5-kW system and $24,500 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
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 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.