Solar Panel Cost Guide in Lexington, OH (2024 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.
Although the national average of solar panels is $2.66 per watt, solar panels in Lexington typically cost about 3.The average solar panel system size in Lexington is around 7.8 kilowatts, meaning a cost of about $18,563 for a solar installation, or $26,545 before the 0 federal solar tax credit is applied.
Bear 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 be different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Lexington see about $13,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, 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
When making the switch to solar, many homeowners decide to hire a solar installer since installing a solar system yourself can be a time-consuming project. A solar installer can also help save you money over time by providing warranties, repairs and component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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 dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar energy 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 electricity bills. Your overall cost can increase by about $3,410 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Lexington, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Lexington, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.Even though solar loans make adopting solar energy more accessible for Lexington homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Lexington, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $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
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 select the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Warranty: If you care about the durability of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When looking through your solar installer’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.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lexington, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
The average cost of solar panels in Lexington is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lexington?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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 financial benefits from going solar.
Do solar panels increase your property value?
Solar panels 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 worthwhile 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 how much energy they produce 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.