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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lexington

Find out what the average cost of a solar system is in Lexington.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lexington, the average cost of solar panels 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 true price you pay can be higher or lower than the average in Lexington based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $24,000 over 20 years on power bills.

For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

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

Installing solar panels on your own can be a stressful task, which is why hiring a solar installer is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your location and energy needs, but going with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.

You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Lexington

Factors that Affect Solar Panel Costs in Lexington

For many Lexington homeowners, the decision to install a solar energy system rests 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 a few factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,060.The brand of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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

For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Lexington, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the amount of 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 getting a solar loan with a low APR could reduce your costs remarkably.

Solar Panel Installation Company

The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Lexington, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Lexington know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.

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 solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Contract: Review the contract terms closely to make sure you understand the total cost, project completion timeline rebates and warranties.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
  • Warranty: If you’re worried about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Lexington, MA Solar Cost FAQs

How much does it cost to install solar panels in Lexington?

This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Should I 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 can’t take advantage of 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 bang for your buck from going solar.

How much can I save on power bills after switching to solar?

Solar panels can potentially eliminate your electricity bills depending on where you’re located 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?

To figure out how many solar panels you need, you should find out how much energy your home uses 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 household 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.

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