Solar Panel Cost Guide in Lake Ridge, VA (2024 Update)
- Lake Ridge Solar Installation Cost: $20,044
- 25-Year Savings: $21,447
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Lake Ridge
We break down average solar pricing in Lake Ridge.
In Lake Ridge, solar panels cost about 4 per watt on average.The average Lake Ridge homeowner needs a 8.0-kilowatt system, which would cost about $20,044 with the federal tax credit, or $28,663 before the 0 tax credit is applied.
The actual price you pay can go higher or lower than the average in Lake Ridge based on several factors, such as the kind of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront investment in solar panels is worth paying. On average Lake Ridge homeowners see about $18,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lake Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-18,445 |
| 3 years | $-15,247 |
| 5 years | $-12,049 |
| 7 years | $-8,851 |
| 9 years | $-5,653 |
| 11 years | $-2,455 |
| 13 years | $743 |
| 15 years | $3,941 |
| 17 years | $7,138 |
| 19 years | $10,336 |
| 21 years | $13,534 |
| 23 years | $16,732 |
| 25 years | $19,930 |
Top Solar Installers in Lake Ridge
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make switching to solar power much easier. Since solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Lake Ridge
Factors that Affect Solar Panel Costs in Lake Ridge
The cost of installing a solar system in Lake Ridge can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,590 per kilowatt in Lake Ridge.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your total 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
Finally, the company you opt for to install your solar panel system can play a part in determining how much it costs. Lake Ridge’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that has the products, warranties and services you want 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 | $3.73 | $15,681 | $12,002 | 14.2 years |
| 8 kW | $3.66 | $20,506 | $16,405 | 13.9 years |
| 10 kW | $3.59 | $25,130 | $21,009 | 13.6 years |
| 12 kW | $3.52 | $29,553 | $25,814 | 13.3 years |
| 14 kW | $3.45 | $33,775 | $30,819 | 13.1 years |
| 16 kW | $3.37 | $37,796 | $36,026 | 12.8 years |
| 18 kW | $3.30 | $41,615 | $41,434 | 12.5 years |
| 20 kW | $3.23 | $45,234 | $47,043 | 12.3 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lake Ridge, VA Solar Cost FAQs
What is the average cost of installing solar panels in Lake Ridge?
The average cost of solar panels in Lake Ridge is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind 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 Lake Ridge?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lake Ridge, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
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 how much 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 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.