Solar Panel Cost Guide in New Lexington, OH (2024 Update)
- New Lexington Solar Installation Cost: $17,961
- 25-Year Savings: $16,782
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in New Lexington
Find out what the average cost of a solar system is in New Lexington.
The national average cost of solar panels is $2.66 per watt, but in New Lexington it’s 3 per watt.Using this figure, a typical 7.5-kW system would cost about $17,961 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.Even with the large upfront cost, the average New Lexington homeowner can save around $15,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in your area for a customized estimate.
Solar savings over time in New Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-16,629 |
| 3 years | $-13,965 |
| 5 years | $-11,301 |
| 7 years | $-8,637 |
| 9 years | $-5,973 |
| 11 years | $-3,309 |
| 13 years | $-645 |
| 15 years | $2,019 |
| 17 years | $4,683 |
| 19 years | $7,347 |
| 21 years | $10,011 |
| 23 years | $12,675 |
| 25 years | $15,339 |
Top Solar Installers in New Lexington
Many homeowners opt for a solar panel company since trying to put up solar panels by yourself can be hard. Another advantage of using a solar installer is that they can help you maximize your investment by reducing your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you're searching for a solar installer in New Lexington, the EcoWatch team has compiled 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 New Lexington
Factors that Affect Solar Panel Costs in New Lexington
There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,410.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 opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the New Lexington average.
Solar Financing Terms
Most solar installers in New Lexington have solar loans, which reduce your upfront costs of installing solar panels.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in New Lexington is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that provide a range of services at different costs.Some companies 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 come with an above-average cost. It’s best to do some research and find a company that provides the products, warranties and services you’re looking for and also is 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 | $3.55 | $14,895 | $9,238 | 15.4 years |
| 8 kW | $3.48 | $19,478 | $12,700 | 15.1 years |
| 10 kW | $3.41 | $23,870 | $16,352 | 14.8 years |
| 12 kW | $3.34 | $28,071 | $20,196 | 14.5 years |
| 14 kW | $3.27 | $32,081 | $24,230 | 14.2 years |
| 16 kW | $3.21 | $35,900 | $28,455 | 13.9 years |
| 18 kW | $3.14 | $39,529 | $32,871 | 13.6 years |
| 20 kW | $3.07 | $42,966 | $37,479 | 13.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly impacts your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's New Lexington, OH Solar Cost FAQs
How much does it cost to install solar panels in New Lexington?
This is a hard question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in New Lexington?
You can’t get solar panels for free in New Lexington. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in New Lexington?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.