Solar Panel Cost Guide in Lincoln, NE (2023 Update)
- Lincoln Solar Installation Cost: $18,531
- 25-Year Savings: $17,763
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lincoln
Find out how much it might cost to install solar panels in Lincoln.
The average cost of a solar panel system in Lincoln is 2.83 per watt. The average Lincoln homeowner needs a 9.3-kilowatt system, which would cost about $18,522 with the federal tax credit, or $26,486 before the 30% tax credit is applied.
These figures are just estimates, and your own solar costs will look different based on factors unique to your home and what company you want to go with. With average savings of about $15,000 on power bills over 20 years, many homeowners in Lincoln find investing in solar can pay off big.
To receive a free quote from a highly rated solar installation company in Lincoln, you can click the button below.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-17,379 |
| 3 years | $-15,075 |
| 5 years | $-12,771 |
| 7 years | $-10,467 |
| 9 years | $-8,163 |
| 11 years | $-5,859 |
| 13 years | $-3,555 |
| 15 years | $-1,251 |
| 17 years | $1,054 |
| 19 years | $3,358 |
| 21 years | $5,662 |
| 23 years | $7,966 |
| 25 years | $10,270 |
Top Solar Installers in Lincoln
Although you can install solar panels on your own, it involves extra energy and expertise. For that reason, almost all homeowners choose to hire a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're looking for a solar installer in Lincoln, the EcoWatch team has compiled a list of our top suggestions here:
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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Lincoln: 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 size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,830. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Lincoln, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lincoln, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. 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 cost more. It's best to do some research and choose a 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 | $2.94 | $12,361 | $10,918 | 13.3 years |
| 8 kW | $2.89 | $16,165 | $14,874 | 13.0 years |
| 10 kW | $2.83 | $19,810 | $18,989 | 12.8 years |
| 12 kW | $2.77 | $23,297 | $23,262 | 12.5 years |
| 14 kW | $2.72 | $26,625 | $27,693 | 12.3 years |
| 16 kW | $2.66 | $29,794 | $32,283 | 12.0 years |
| 18 kW | $2.60 | $32,805 | $37,032 | 11.7 years |
| 20 kW | $2.55 | $35,658 | $41,939 | 11.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly affects your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Solar Panel Brands: The model of solar panel you want plays a role in which installer you should go with, since different companies offer different panels.
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 Lincoln, NE Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $14,150 for a 5-kW system and $28,300 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 usage. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Lincoln?
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 financial benefits from going solar.
Does Lincoln have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy 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?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.