Solar Panel Cost Guide in Lincoln, NE (Sep 2022)
- Lincoln Solar Installation Cost: $18,522
- 25-Year Savings: $17,772
- Payback Period: 12.8 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Lincoln
Let's have a look at the average cost of solar in Lincoln.
In Lincoln, solar panels cost about $3 per watt on average. To account for the typical energy needs of the average home in Lincoln, most homeowners require a 9.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,522, or $13,706 after the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Lincoln homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar power is worth paying. On average Lincoln homeowners see about $15,000 in savings on utility bills over 20 years.
Click the button below to get connected to a reputable solar installer in Lincoln for a customized quote.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-17,071 |
| 3 years | $-14,167 |
| 5 years | $-11,263 |
| 7 years | $-8,360 |
| 9 years | $-5,456 |
| 11 years | $-2,553 |
| 13 years | $351 |
| 15 years | $3,254 |
| 17 years | $6,158 |
| 19 years | $9,061 |
| 21 years | $11,965 |
| 23 years | $14,868 |
| 25 years | $17,772 |
Top Solar Installers in Lincoln
When going solar, many homeowners prefer to use a solar installation company since handling can be a difficult project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you'd like to go solar but still aren't certain which solar system company to go with, here are our recommendations for providers near you:
Best Technology
The Green Panel
- 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lincoln
Factors that Affect Solar Panel Costs in Lincoln
Even though the average cost of solar panels in Lincoln is $18,522, your final cost may differ. There are quite a few 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 take into consideration.
Solar Equipment Size
When it comes to estimating the price of solar panels in Lincoln, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by around $2,830 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Lincoln homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you select will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $2.94 | $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 |
Solar Incentives in Lincoln
| Name | Sales and Use Tax Exemption for Community Renewable Energy Projects |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Local Option - Property-Assessed Clean Energy Financing |
| Website | Visit here |
| More Info | Click here |
| Name | Dollar and Energy Savings Loans |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar, it's essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the project timeline.
- Contract: When reading over your solar company's contract, ask questions 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: The type of solar panel you need to install plays a part in which company you should opt for, since different companies offer different panels.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
Best Technology
The Green Panel
- 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lincoln, NE Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 other 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 cheaper solar panels.
Should I lease or buy solar panels in Lincoln?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $775.97 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.
