Solar Panel Cost Guide in Lexington, SC (2024 Update)
- Lexington Solar Installation Cost: $19,152
- 25-Year Savings: $31,167
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Lexington
Let’s take a look at the average cost of solar in Lexington.
In Lexington, solar panels cost about 3 per watt on average.Using this figure, a typical 7.9-kW system would cost about $19,152 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs may vary based on your specific situation and what company you go with.With typical savings of about $23,000 on power bills over 20 years, many homeowners in Lexington find investing in solar can pay off big.
To receive a free estimate from a highly rated solar installer in Lexington, you can click the button below.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-17,412 |
| 3 years | $-13,931 |
| 5 years | $-10,450 |
| 7 years | $-6,970 |
| 9 years | $-3,489 |
| 11 years | $-8 |
| 13 years | $3,473 |
| 15 years | $6,954 |
| 17 years | $10,435 |
| 19 years | $13,915 |
| 21 years | $17,396 |
| 23 years | $20,877 |
| 25 years | $24,358 |
Top Solar Installers in Lexington
Putting up solar panels yourself can be a stressful task, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Lexington:
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
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
Cost is often one of the most important factors for homeowners who are considering investing 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 discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,450 per kilowatt in Lexington.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Lexington average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lexington to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Lexington, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $3.59 | $15,070 | $19,934 | 10.8 years |
| 8 kW | $3.52 | $19,706 | $26,965 | 10.6 years |
| 10 kW | $3.45 | $24,150 | $34,190 | 10.3 years |
| 12 kW | $3.38 | $28,400 | $41,607 | 10.1 years |
| 14 kW | $3.31 | $32,458 | $49,218 | 9.9 years |
| 16 kW | $3.24 | $36,322 | $57,022 | 9.7 years |
| 18 kW | $3.17 | $39,992 | $65,019 | 9.5 years |
| 20 kW | $3.11 | $43,470 | $73,210 | 9.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Warranty: If you’re concerned about the endurance of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
- Solar Panel Brands: The brand of solar panel you need plays a part in which company you should choose, since different companies provide different panels.
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
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lexington, SC Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lexington?
You can’t get solar panels for free in 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 prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels do I need 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 buy between 20 and 35 panels to account for 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.