Solar Panel Cost Guide in Lexington, NC (2023 Update)
- Lexington Solar Installation Cost: $16,956
- 25-Year Savings: $16,097
- Payback Period: 12.6 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Lexington
We go over average solar pricing 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 2.54 per watt.To account for the typical energy usage of the average home in Lexington, most homeowners require a 6.9-kilowatt system. Using the figure above, a solar installation costs around $12,268, or $17,543 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what company you go with.Despite the large upfront cost, the average Lexington homeowner can save about $19,000 on their electricity bills over 20 years, which is one of the positives of solar.
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 | $-15,633 |
| 3 years | $-12,989 |
| 5 years | $-10,345 |
| 7 years | $-7,701 |
| 9 years | $-5,056 |
| 11 years | $-2,412 |
| 13 years | $232 |
| 15 years | $2,876 |
| 17 years | $5,521 |
| 19 years | $8,165 |
| 21 years | $10,809 |
| 23 years | $13,453 |
| 25 years | $16,097 |
Top Solar Installers in Lexington
Many homeowners opt for a solar installer since trying to install solar panels on your own can be hard. The expertise that solar installers provide can be valuable as well, especially if you don't quite know what type of solar equipment you need.
If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
There are a number of factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,540. There are several different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far 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 too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.However, the interest on solar loans also increases your overall costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Lexington, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.65 | $15,332 | $13,978 | 13.1 years |
| 8 kW | $3.58 | $20,049 | $19,030 | 12.8 years |
| 10 kW | $3.51 | $24,570 | $24,279 | 12.6 years |
| 12 kW | $3.44 | $28,894 | $29,724 | 12.3 years |
| 14 kW | $3.37 | $33,022 | $35,366 | 12.1 years |
| 16 kW | $3.30 | $36,953 | $41,205 | 11.8 years |
| 18 kW | $3.23 | $40,688 | $47,240 | 11.6 years |
| 20 kW | $3.16 | $44,226 | $53,472 | 11.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations 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 make sure you take a look at their list of options before making your decision.
- Contract: Before signing a contract with a solar installer, make sure you read it through carefully 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: When making the switch to solar energy, it's important to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lexington, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
The average cost of solar panels in Lexington is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
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 property 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.
Does Lexington have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power 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 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 buy 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.