Solar Panel Cost Guide in Lexington, OH (2025 Update)
- Lexington Solar Installation Cost: $18,563
- 25-Year Savings: $12,914
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Lexington
Find out what the average cost of a solar system is in Lexington.
While the national average of solar panels is $2.66 per watt, solar panels in Lexington typically cost about 3.Using this figure, a typical 7.8-kW system would cost about $18,563 before the 0 federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Lexington based on a variety of factors, such as the model of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar is worth paying. On average Lexington homeowners see about $13,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-17,343 |
| 3 years | $-14,903 |
| 5 years | $-12,462 |
| 7 years | $-10,022 |
| 9 years | $-7,581 |
| 11 years | $-5,141 |
| 13 years | $-2,700 |
| 15 years | $-260 |
| 17 years | $2,181 |
| 19 years | $4,621 |
| 21 years | $7,062 |
| 23 years | $9,502 |
| 25 years | $11,943 |
Top Solar Installers in Lexington
Installing solar panels by yourself can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for you.
If you're looking for a solar installer in Lexington, we've organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
The cost of installing a solar system in Lexington can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel 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 gauge by looking at past power bills. Your total cost can increase by around $3,410 for each additional kilowatt you need.The type of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than 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 into a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your overall costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Lexington know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $3.55 | $14,895 | $5,821 | 18.0 years |
| 8 kW | $3.48 | $19,478 | $8,143 | 17.6 years |
| 10 kW | $3.41 | $23,870 | $10,656 | 17.3 years |
| 12 kW | $3.34 | $28,071 | $13,360 | 16.9 years |
| 14 kW | $3.27 | $32,081 | $16,255 | 16.6 years |
| 16 kW | $3.21 | $35,900 | $19,341 | 16.2 years |
| 18 kW | $3.14 | $39,529 | $22,618 | 15.9 years |
| 20 kW | $3.07 | $42,966 | $26,086 | 15.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably impacts your costs and your system’s efficiency, production, and durability, 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: When making the switch to solar power, it’s essential to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lexington, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 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 above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I 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 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.
How will solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lexington is currently $210,404, so you could be looking at a value of about $8,627 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?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.