Solar Panel Cost Guide in Lexington, MA (2024 Update)
- Lexington Solar Installation Cost: $12,674
- 25-Year Savings: $18,623
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in Lexington
Find out what the average cost of a solar system is in Lexington.
The average cost of a solar panel system in Lexington is 4 per watt.The average Lexington homeowner needs a 4.5-kilowatt system, which would cost about $12,674 with the federal tax credit, or $18,124 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what company you go with.With typical savings of about $24,000 on utility bills over 20 years, many homeowners in Lexington find going solar can pay off big.
Click the button below to get connected to a vetted solar company in your area for a personalized estimate.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-11,072 |
| 3 years | $-7,870 |
| 5 years | $-4,667 |
| 7 years | $-1,465 |
| 9 years | $1,738 |
| 11 years | $4,941 |
| 13 years | $8,143 |
| 15 years | $11,346 |
| 17 years | $14,549 |
| 19 years | $17,751 |
| 21 years | $20,954 |
| 23 years | $24,156 |
| 25 years | $27,359 |
Top Solar Installers in Lexington
Although it's possible to install solar panels by yourself, it takes extra time and know-how. Because of that, most people choose to hire a solar panel installer. Some solar installers, particularly local ones, can help you take advantage of incentives in Lexington, thereby optimizing your ROI.
If you’d like to start using solar energy but still aren’t sure which solar panel company to go with, here are our recommendations for providers in Lexington:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
There are a number of factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 $4,060. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose 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
Many homeowners find the average cost of solar in Lexington to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time due to interest.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 principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lexington is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.22 | $17,734 | $19,670 | 11.9 years |
| 8 kW | $4.14 | $23,191 | $26,682 | 11.6 years |
| 10 kW | $4.06 | $28,420 | $33,921 | 11.4 years |
| 12 kW | $3.98 | $33,422 | $41,387 | 11.2 years |
| 14 kW | $3.90 | $38,196 | $49,081 | 10.9 years |
| 16 kW | $3.82 | $42,744 | $57,001 | 10.7 years |
| 18 kW | $3.74 | $47,064 | $65,150 | 10.5 years |
| 20 kW | $3.65 | $51,156 | $73,525 | 10.3 years |
How to Save on Solar Panels
There are a lot of companies available in Lexington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: It’s important to look over 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 installation process.
- Reputation: Well-established companies 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 quality aftercare and customer support, such as part repairs and replacements.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Lexington, MA Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
The average cost of solar panels in Lexington is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lexington?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home 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.
How much can I save on electricity bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lexington, that will require at least a 10-kW system. Not all homes 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.