Solar Panel Cost Guide in Lincoln, NE (Jan 2023)
- Lincoln Solar Installation Cost: $18,522
- 25-Year Savings: $17,772
- Payback Period: 12.8 Years
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Updated January 20, 2023
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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 usage of the average home in Lincoln, most homeowners require a 9.3-kilowatt system. Using the figure above, a solar installation costs around $18,522, or $13,706 after the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Lincoln find installing solar panels can pay off big.
You can click the button below to get connected with a top solar company in Lincoln for a quote for your home.
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
Although you can install solar panels yourself, it involves extra time and expertise. For that reason, most people choose to hire a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're searching for a solar installer in Lincoln, we've organized 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
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
For many Lincoln homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,830 per kilowatt in Lincoln. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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 over time on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Lincoln average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lincoln to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. While solar loans make switching to solar energy more accessible for Lincoln 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 avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Lincoln, and each can charge different amounts 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
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 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.