Solar Panel Cost Guide in Lexington, MO (2024 Update)
- Lexington Solar Installation Cost: $17,105
- 25-Year Savings: $22,022
- Payback Period: 12.2 Years
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Average Cost of Solar Panels in Lexington
See how much it might cost to switch to solar power in Lexington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lexington, the average cost of a solar system is 3 per watt.Using this figure, a typical 7.3-kW system would cost about $17,105 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may differ based on the amount of energy your home requires and what company you want to go with.But, once you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $18,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-15,432 |
| 3 years | $-12,085 |
| 5 years | $-8,738 |
| 7 years | $-5,392 |
| 9 years | $-2,045 |
| 11 years | $1,302 |
| 13 years | $4,648 |
| 15 years | $7,995 |
| 17 years | $11,342 |
| 19 years | $14,688 |
| 21 years | $18,035 |
| 23 years | $21,382 |
| 25 years | $24,728 |
Top Solar Installers in Lexington
Installing solar panels yourself can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. In addition, if you’d like to maximize your investment in solar power, opting for a solar company can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
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
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
The cost of installing a solar system in Lexington can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,370 per kilowatt in Lexington.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lexington to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Lexington is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that offer a range of services at different costs.Additionally, some companies in Lexington are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $3.50 | $14,720 | $14,381 | 12.6 years |
| 8 kW | $3.44 | $19,249 | $19,552 | 12.4 years |
| 10 kW | $3.37 | $23,590 | $24,912 | 12.2 years |
| 12 kW | $3.30 | $27,742 | $30,460 | 11.9 years |
| 14 kW | $3.24 | $31,705 | $36,197 | 11.7 years |
| 16 kW | $3.17 | $35,479 | $42,123 | 11.4 years |
| 18 kW | $3.10 | $39,065 | $48,238 | 11.2 years |
| 20 kW | $3.03 | $42,462 | $54,541 | 10.9 years |
How to Save on Solar Panels
There are a lot of companies available in Lexington, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you want plays a part in which installer you should opt for, since different companies offer different panels.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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, MO 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. Generally speaking, it costs about $16,850 for a 5-kW system and $33,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for 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 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.
Can solar panels completely eradicate my energy bills?
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 will have roofs that 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.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.