Solar Panel Cost Guide in Lexington, NC (Mar 2023)
- Lexington Solar Installation Cost: $12,268
- 25-Year Savings: $21,442
- Payback Period: 9.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lexington
Find out how much it might cost to make the switch to solar in Lexington.
The national average cost of solar panels is $2.66 per watt, but in Lexington it's 2.54 per watt. Because a 6.9-kW system is needed to cover the energy needs of a typical home in Lexington, the average price of going solar will be about $12,268 after claiming the federal solar tax credit of 30%.
These figures are only averages, and your own solar costs will most likely look different based on the amount of energy your home requires and what company you go with. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Lexington can save about $19,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Lexington for a customized estimate.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-10,920 |
| 3 years | $-8,223 |
| 5 years | $-5,526 |
| 7 years | $-2,829 |
| 9 years | $-132 |
| 11 years | $2,564 |
| 13 years | $5,261 |
| 15 years | $7,958 |
| 17 years | $10,655 |
| 19 years | $13,352 |
| 21 years | $16,049 |
| 23 years | $18,745 |
| 25 years | $21,442 |
Top Solar Installers in Lexington
Many homeowners opt for a solar installer since installing solar panels on your own can be a lot of work. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
For many Lexington homeowners, the decision to install solar panels 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 a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,540 per kilowatt in Lexington. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Lexington average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Lexington homeowners opt to finance their solar panel systems to make paying for solar more affordable. Although solar loans make going solar more accessible for Lexington homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Lexington is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services for different budgets. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you want and also fits within 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 | $2.64 | $11,095 | $18,215 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,571 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $31,069 | 9.1 years |
| 12 kW | $2.49 | $20,909 | $37,709 | 8.9 years |
| 14 kW | $2.44 | $23,896 | $44,492 | 8.7 years |
| 16 kW | $2.39 | $26,741 | $51,417 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $58,484 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,694 | 8.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar, it's necessary to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
How much does it cost to install solar panels in Lexington?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lexington?
You can't get solar panels for free in Lexington. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $976.98 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 usage and the amount of 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 buy between 20 and 35 panels to account for 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.