Solar Panel Cost Guide in Lexington, NC (2024 Update)
- Lexington Solar Installation Cost: $16,956
- 25-Year Savings: $16,097
- Payback Period: 12.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
While the national average of solar panels is $2.66 per watt, solar panels in Lexington generally cost about 4.The average solar panel system size in Lexington is around 6.9 kilowatts, meaning a cost of about $16,956 for a solar installation, or $24,247 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Lexington based on several factors, such as the type of solar panels you choose and the solar installer you hire.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $19,000 over 20 years on electricity bills.
To get a free quote from a vetted solar installation company in Lexington, you can 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
Putting up solar panels yourself can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Lexington: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of 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 use 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 $3,510.The type of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond 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’s in your budget.
Solar Financing Terms
Most solar companies in Lexington have solar loans, which reduce your upfront costs of installing solar panels.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies in Lexington, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lexington are more knowledgeable about local solar incentives and can help you take advantage of 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 end up saving you 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 | $3.65 | $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
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:
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While 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 peruse their list of options before making your decision.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lexington, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lexington?
Solar panels aren’t free in Lexington, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will solar panels impact my home value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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.