Solar Panel Cost Guide in Lincoln, ID (2023 Update)
- Lincoln Solar Installation Cost: $13,485
- 25-Year Savings: $14,324
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lincoln
Let's have a look at the average cost of solar panels in Lincoln.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lincoln, the average cost of solar panels is 2.6 per watt. To account for the typical energy needs of the average home in Lincoln, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,486, or $19,285 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of equipment you want to get, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Lincoln can save about $14,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar panel company in Lincoln for a customized estimate.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-13,393 |
| 3 years | $-13,207 |
| 5 years | $-13,022 |
| 7 years | $-12,837 |
| 9 years | $-12,651 |
| 11 years | $-12,466 |
| 13 years | $-12,280 |
| 15 years | $-12,095 |
| 17 years | $-11,910 |
| 19 years | $-11,724 |
| 21 years | $-11,539 |
| 23 years | $-11,353 |
| 25 years | $-11,168 |
Top Solar Installers in Lincoln
When making the switch to solar, many homeowners opt to hire a solar installation company since handling can be a difficult project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lincoln
Factors that Affect Solar Panel Costs in Lincoln
For many Lincoln homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are numerous 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 a solar energy system in Lincoln, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,600 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lincoln, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of 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
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Lincoln, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, 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 interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Lincoln, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk 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 | $2.70 | $11,357 | $11,162 | 12.6 years |
| 8 kW | $2.65 | $14,851 | $15,174 | 12.4 years |
| 10 kW | $2.60 | $18,200 | $19,331 | 12.1 years |
| 12 kW | $2.55 | $21,403 | $23,634 | 11.9 years |
| 14 kW | $2.50 | $24,461 | $28,083 | 11.6 years |
| 16 kW | $2.44 | $27,373 | $32,677 | 11.4 years |
| 18 kW | $2.39 | $30,139 | $37,417 | 11.2 years |
| 20 kW | $2.34 | $32,760 | $42,303 | 10.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on 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:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which installer you should choose, since different companies have access to different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lincoln, ID Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,000 for a 5-kW system and $26,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lincoln?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase your property value?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.