Solar Panel Cost Guide in Lake Ridge, VA (2023 Update)
- Lake Ridge Solar Installation Cost: $15,361
- 25-Year Savings: $21,439
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake Ridge
See how much it might cost to switch to solar power in Lake Ridge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Ridge, the average cost of a solar system is 2.75 per watt. Since a 8.0-kW system is needed to cover the energy usage of a typical home in Lake Ridge, the average price of going solar will be about $15,361 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Lake Ridge based on a few factors, such as the model of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Lake Ridge see about $18,000 in savings on electricity bills over 20 years.
To get a free quote from a vetted solar installer in Lake Ridge, you can click the button below.
Solar savings over time in Lake Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-13,889 |
| 3 years | $-10,945 |
| 5 years | $-8,001 |
| 7 years | $-5,057 |
| 9 years | $-2,113 |
| 11 years | $831 |
| 13 years | $3,775 |
| 15 years | $6,719 |
| 17 years | $9,663 |
| 19 years | $12,607 |
| 21 years | $15,551 |
| 23 years | $18,495 |
| 25 years | $21,439 |
Top Solar Installers in Lake Ridge
Many homeowners choose to use a solar panel installer since figuring out how to install solar panels on your own can be a labor-intensive endeavor. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Lake Ridge
Factors that Affect Solar Panel Costs in Lake Ridge
While the average cost of a solar system in Lake Ridge is $15,361, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar panel system in Lake Ridge, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,750 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost 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, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lake Ridge average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make going solar more accessible for Lake Ridge homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Lake Ridge is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have no shortage of solar installers that offer a range of services at different price points. Additionally, some companies in Lake Ridge know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.86 | $12,012 | $15,671 | 10.8 years |
| 8 kW | $2.81 | $15,708 | $21,203 | 10.6 years |
| 10 kW | $2.75 | $19,250 | $26,889 | 10.4 years |
| 12 kW | $2.69 | $22,638 | $32,728 | 10.2 years |
| 14 kW | $2.64 | $25,872 | $38,722 | 10.0 years |
| 16 kW | $2.58 | $28,952 | $44,870 | 9.8 years |
| 18 kW | $2.53 | $31,878 | $51,172 | 9.6 years |
| 20 kW | $2.48 | $34,650 | $57,627 | 9.4 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 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 $13,750 for a 5-kW system and $27,500 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lake Ridge?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 will having solar panels impact the value of my home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't go for 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?
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 opt 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.