Solar Panel Cost Guide in New Lexington, OH (2023 Update)
- New Lexington Solar Installation Cost: $13,476
- 25-Year Savings: $16,790
- Payback Period: 11.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in New Lexington
Find out what the average cost of solar panels are in New Lexington.
The average cost of solar panels in New Lexington is 2.56 per watt. Because a 7.5-kW system is needed to cover the energy needs of a typical home in New Lexington, the average price of going solar will be about $13,476 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 panel system. The exact cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy usage and what company you go with. With average savings of about $15,000 on utility bills over 20 years, many homeowners in New Lexington find investing in solar can pay off big.
To receive a free estimate from a top solar installation company in New Lexington, you can click the button below.
Solar savings over time in New Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-12,265 |
| 3 years | $-9,844 |
| 5 years | $-7,423 |
| 7 years | $-5,001 |
| 9 years | $-2,580 |
| 11 years | $-159 |
| 13 years | $2,262 |
| 15 years | $4,684 |
| 17 years | $7,105 |
| 19 years | $9,526 |
| 21 years | $11,948 |
| 23 years | $14,369 |
| 25 years | $16,790 |
Top Solar Installers in New Lexington
When going solar, many homeowners prefer to use a solar company since installing a solar system yourself can be a time-consuming project. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 New Lexington
Factors that Affect Solar Panel Costs in New Lexington
Even though the average cost of a solar system in New Lexington is $13,476, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher 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 choose to install your solar system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different costs. Companies that only sell high-quality, high-efficiency and high-price products — 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 choose a company that provides the products, warranties and services you want and also fit into 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 | $2.66 | $11,182 | $12,951 | 11.6 years |
| 8 kW | $2.61 | $14,623 | $17,555 | 11.4 years |
| 10 kW | $2.56 | $17,920 | $22,302 | 11.1 years |
| 12 kW | $2.51 | $21,074 | $27,193 | 10.9 years |
| 14 kW | $2.46 | $24,084 | $32,227 | 10.7 years |
| 16 kW | $2.41 | $26,952 | $37,404 | 10.5 years |
| 18 kW | $2.36 | $29,676 | $42,725 | 10.2 years |
| 20 kW | $2.30 | $32,256 | $48,189 | 10.0 years |
How to Save on Solar Panels
There are a large number of companies available in New Lexington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a quality company.
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 New Lexington, OH Solar Cost FAQs
How much does it cost to install solar panels in New Lexington?
The average cost of solar panels in New Lexington is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in New Lexington?
Leasing solar panels can be an appealing choice, because it usually 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
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 energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Although 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 decide to replace them after having them for that long or you can keep using 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.