Solar Panel Cost Guide in Lexington, MO (2023 Update)
- Lexington Solar Installation Cost: $13,146
- 25-Year Savings: $22,022
- Payback Period: 9.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
The national average cost of solar panels is $2.66 per watt, but in Lexington it's 2.59 per watt. Using this figure, a typical 7.2-kW system would cost about $13,144 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Lexington based on a variety of factors, such as the model of solar panels you choose and the solar contractor you hire. But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on power bills.
Click the button below to get connected to a reputable solar panel company in your area for a custom estimate.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-13,029 |
| 3 years | $-12,794 |
| 5 years | $-12,560 |
| 7 years | $-12,325 |
| 9 years | $-12,091 |
| 11 years | $-11,856 |
| 13 years | $-11,622 |
| 15 years | $-11,387 |
| 17 years | $-11,153 |
| 19 years | $-10,919 |
| 21 years | $-10,684 |
| 23 years | $-10,450 |
| 25 years | $-10,215 |
Top Solar Installers in Lexington
When making the switch to solar, many homeowners opt to use a solar installation company since DIY solar panel installation can be a difficult project. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for your family.
If you'd like to make the switch to solar but still aren't certain which solar company to go with, here are our suggestions for providers in Lexington:
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 Lexington
Factors that Affect Solar Panel Costs in Lexington
There are many criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,590. The model 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. Plus, solar equipment goes beyond 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 for 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 significant investment. That's why many Lexington homeowners opt to finance their solar panel systems to offset upfront costs. Though solar loans make adopting solar energy more accessible for Lexington homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you pick will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.69 | $11,313 | $17,788 | 9.7 years |
| 8 kW | $2.64 | $14,794 | $24,007 | 9.5 years |
| 10 kW | $2.59 | $18,130 | $30,372 | 9.3 years |
| 12 kW | $2.54 | $21,321 | $36,881 | 9.2 years |
| 14 kW | $2.49 | $24,367 | $43,536 | 9.0 years |
| 16 kW | $2.43 | $27,268 | $50,335 | 8.8 years |
| 18 kW | $2.38 | $30,023 | $57,280 | 8.6 years |
| 20 kW | $2.33 | $32,634 | $64,369 | 8.4 years |
How to Save on Solar Panels
There are numerous companies available in Lexington, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- 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 quality aftercare and customer support, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lexington, MO Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
The average cost of solar panels in Lexington is about $12,950 for a 5-kW system and $25,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lexington?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Lexington?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.