Solar Panel Cost Guide in Lexington, NC (Oct 2022)

  • Lexington Solar Installation Cost: $12,268
  • 25-Year Savings: $21,442
  • Payback Period: 9.1 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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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.

In Lexington, solar panels cost about $3 per watt on average. The average Lexington homeowner needs a 6.9-kilowatt system, which would cost about $12,268, or $9,078 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you choose, your solar contractor and more. For many homeowners, the upfront cost of solar is worth paying. On average Lexington homeowners see about $19,000 in savings on utility bills over 20 years.

You can click the button below to get connected with a pre-vetted solar company in Lexington that can help you get a more accurate cost estimate for your home.

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

Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of a solar company can make converting to solar power much easier. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be right for your family.

If you're on the hunt for a solar company in Lexington, the EcoWatch team has put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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 a solar energy system comes down to 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 numerous factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

When it comes to estimating the price of a solar energy system in Lexington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,540 for each additional kilowatt you need. 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, more efficient panels could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the Lexington average.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Lexington homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.

Solar Panel Installation Company

The solar company you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Lexington, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

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

Solar Incentives in Lexington

Name Duke Energy - NC Solar Rebate Program
Website Visit here
More Info Click here

Name Property Tax Abatement for Solar Electric Systems
More Info Click here

Name Active Solar Heating and Cooling Systems Exemption
More Info Click here

Name EnergyUnited (Electric) Residential Energy Efficiency Program
Website Visit here
More Info Click here

Name Duke Energy (Electric) - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name NC GreenPower Production Incentive
Website Visit here
More Info Click here

Name Local Option - Financing Program for Renewable Energy and Energy Efficiency
Incentive Amount
More Info Click here

Name Local Option - Green Building Incentives
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:

  • Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
  • Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
  • Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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 hard question to answer exactly, 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 other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Are solar panels 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 further reduce the cost.

Do solar panels increase your home value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lexington is currently $135,405, which means you can look forward to a value of about $5,552 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lexington is a fruitful investment.

How long do solar panels last in Lexington?

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 higher 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.

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