Solar Panel Cost Guide in Lexington, TN (2024 Update)
- Lexington Solar Installation Cost: $19,563
- 25-Year Savings: $12,292
- Payback Period: 18.9 Years
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
The average cost of a solar system in Lexington is 4 per watt.Using this figure, a typical 7.8-kW system would cost about $19,563 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Lexington can save around $13,000 on their energy 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 | $-18,075 |
| 3 years | $-15,099 |
| 5 years | $-12,123 |
| 7 years | $-9,147 |
| 9 years | $-6,172 |
| 11 years | $-3,196 |
| 13 years | $-220 |
| 15 years | $2,756 |
| 17 years | $5,732 |
| 19 years | $8,707 |
| 21 years | $11,683 |
| 23 years | $14,659 |
| 25 years | $17,635 |
Top Solar Installers in Lexington
Although it's possible to install solar panels by yourself, it requires extra labor and handiness. That's one of the reasons almost all homeowners choose a solar panel installer. The payback period on a solar system will vary based on factors like your location and energy use, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you’d like to start using solar energy but still aren’t certain which solar panel installer to go with, here are our suggestions for providers near you:
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 depends on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Lexington, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s crucial to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating in Lexington, and each can charge varying amounts 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 extra services like electric car 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 | $3.72 | $15,637 | $4,268 | 19.6 years |
| 8 kW | $3.65 | $20,449 | $6,092 | 19.3 years |
| 10 kW | $3.58 | $25,060 | $8,116 | 18.9 years |
| 12 kW | $3.51 | $29,471 | $10,341 | 18.5 years |
| 14 kW | $3.44 | $33,681 | $12,766 | 18.1 years |
| 16 kW | $3.37 | $37,690 | $15,392 | 17.8 years |
| 18 kW | $3.29 | $41,499 | $18,218 | 17.4 years |
| 20 kW | $3.22 | $45,108 | $21,244 | 17.0 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. Since choosing a company can be difficult, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lexington, TN Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, 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 install 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.
How will having solar panels impact my home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.