Solar Panel Cost Guide in Lexington, NE (2024 Update)
- Lexington Solar Installation Cost: $22,674
- 25-Year Savings: $19,466
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Lexington
Find out what the average cost of installing solar panels is in Lexington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lexington, the average cost of solar panels is 4 per watt.The average Lexington homeowner needs a 9.0-kilowatt system, which would cost about $22,674 with the federal tax credit, or $32,424 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lexington homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar power is worth paying. On average Lexington homeowners see about $17,000 in savings on energy bills over 20 years.
To get a free estimate from a pre-vetted solar installation company in Lexington, you can click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-21,335 |
| 3 years | $-18,656 |
| 5 years | $-15,978 |
| 7 years | $-13,299 |
| 9 years | $-10,620 |
| 11 years | $-7,942 |
| 13 years | $-5,263 |
| 15 years | $-2,585 |
| 17 years | $94 |
| 19 years | $2,772 |
| 21 years | $5,451 |
| 23 years | $8,130 |
| 25 years | $10,808 |
Top Solar Installers in Lexington
When going solar, many homeowners opt to go with a solar installer since installing a solar system yourself can be a time-consuming project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you’d like to go solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers in Lexington:
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 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
While the average cost of a solar system in Lexington is $22,674, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $3,580.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.Although solar loans make going solar more accessible for Lexington homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Lexington are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.72 | $15,637 | $9,157 | 15.8 years |
| 8 kW | $3.65 | $20,449 | $12,611 | 15.5 years |
| 10 kW | $3.58 | $25,060 | $16,265 | 15.2 years |
| 12 kW | $3.51 | $29,471 | $20,119 | 14.9 years |
| 14 kW | $3.44 | $33,681 | $24,174 | 14.6 years |
| 16 kW | $3.37 | $37,690 | $28,429 | 14.3 years |
| 18 kW | $3.29 | $41,499 | $32,885 | 13.9 years |
| 20 kW | $3.22 | $45,108 | $37,541 | 13.6 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly influences your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you want to get plays a role in which installer you should choose, since different companies have different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated 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 past customers.
- 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 such as a system part breaking or if the company goes out of business.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 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, NE Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
The average cost of solar panels in Lexington is about $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lexington?
Leasing solar panels can be an option if you can’t 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.
Is going solar worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
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 level 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.