Solar Panel Cost Guide in Lexington, MA (2023 Update)
- Lexington Solar Installation Cost: $9,179
- 25-Year Savings: $18,622
- Payback Period: 8.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lexington
Find out what the average cost of solar panel installation is in Lexington.
In Lexington, solar panels cost about 2.94 per watt on average. Using this figure, a typical 4.5-kW system would cost about $9,179 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 true cost of going solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $24,000 over 20 years on energy bills.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-8,067 |
| 3 years | $-5,843 |
| 5 years | $-3,619 |
| 7 years | $-1,395 |
| 9 years | $830 |
| 11 years | $3,054 |
| 13 years | $5,278 |
| 15 years | $7,502 |
| 17 years | $9,726 |
| 19 years | $11,950 |
| 21 years | $14,174 |
| 23 years | $16,398 |
| 25 years | $18,622 |
Top Solar Installers in Lexington
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar company can make converting to solar power much easier. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what kind of solar equipment you need.
If you're searching for a solar installer in Lexington, we've organized a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Lexington
Factors that Affect Solar Panel Costs in Lexington
For many Lexington homeowners, the decision to adopt solar energy 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 numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Lexington, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,940 for each additional kilowatt you need. The type of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to think 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 looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Lexington homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to consider that 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
The solar panel installation company you pick will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater 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 down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.06 | $12,842 | $24,563 | 8.6 years |
| 8 kW | $3.00 | $16,793 | $33,079 | 8.4 years |
| 10 kW | $2.94 | $20,580 | $41,761 | 8.3 years |
| 12 kW | $2.88 | $24,202 | $50,607 | 8.1 years |
| 14 kW | $2.82 | $27,660 | $59,617 | 7.9 years |
| 16 kW | $2.76 | $30,952 | $68,793 | 7.8 years |
| 18 kW | $2.70 | $34,080 | $78,133 | 7.6 years |
| 20 kW | $2.65 | $37,044 | $87,637 | 7.4 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Warranty: If you care about the endurance of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Although reading through a contract can be tedious, 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.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 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 $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Lexington?
Solar panels aren't free in Lexington, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels eliminate 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 $1,246.81 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption 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 cover 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.