Solar Panel Cost Guide in Lexington, OH (2023 Update)
- Lexington Solar Installation Cost: $13,942
- 25-Year Savings: $12,909
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lexington, the average cost of a solar system is 2.56 per watt. Since a 7.8-kW system is needed to cover the energy consumption of a typical home in Lexington, the average price of going solar will be about $13,942 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what solar installer you go with. For most homeowners, the upfront cost of solar panels is worth paying. On average Lexington homeowners see about $13,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-12,868 |
| 3 years | $-10,720 |
| 5 years | $-8,572 |
| 7 years | $-6,424 |
| 9 years | $-4,276 |
| 11 years | $-2,128 |
| 13 years | $21 |
| 15 years | $2,169 |
| 17 years | $4,317 |
| 19 years | $6,465 |
| 21 years | $8,613 |
| 23 years | $10,761 |
| 25 years | $12,909 |
Top Solar Installers in Lexington
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make your swap to solar power much easier. Another perk of utilizing a solar company is that they can help you maximize your investment by reducing your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you'd like to switch to solar energy but still aren't sure which solar panel installer to go with, here are our recommendations for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Lexington
Factors that Affect Solar Panel Costs in Lexington
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Lexington: 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 cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Lexington homeowners choose to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's crucial to consider that 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
Finally, the company you get to install your solar panel system can affect the cost. Lexington's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.66 | $11,182 | $9,534 | 13.5 years |
| 8 kW | $2.61 | $14,623 | $12,998 | 13.2 years |
| 10 kW | $2.56 | $17,920 | $16,606 | 13.0 years |
| 12 kW | $2.51 | $21,074 | $20,357 | 12.7 years |
| 14 kW | $2.46 | $24,084 | $24,252 | 12.5 years |
| 16 kW | $2.41 | $26,952 | $28,290 | 12.2 years |
| 18 kW | $2.36 | $29,676 | $32,471 | 11.9 years |
| 20 kW | $2.30 | $32,256 | $36,796 | 11.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for 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 good company.
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lexington, OH Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lexington?
Leasing solar panels can be an appealing choice, as it typically 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Lexington?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 typically 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.