Solar Panel Cost Guide in Lexington, VA (Mar 2023)
- Lexington Solar Installation Cost: $15,034
- 25-Year Savings: $25,661
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lexington
We go over average solar pricing in Lexington.
Although the national average of solar panels is $2.66 per watt, solar panels in Lexington generally cost about 2.75. The average solar panel system size in Lexington is around 7.8 kilowatts, meaning a cost of about $15,034 for a solar installation, or $21,499 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs may look different based on your specific situation and what company you choose to go with. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Lexington can save around $20,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar installer in Lexington for a quote for your home.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-13,406 |
| 3 years | $-10,151 |
| 5 years | $-6,895 |
| 7 years | $-3,640 |
| 9 years | $-384 |
| 11 years | $2,872 |
| 13 years | $6,127 |
| 15 years | $9,383 |
| 17 years | $12,639 |
| 19 years | $15,894 |
| 21 years | $19,150 |
| 23 years | $22,406 |
| 25 years | $25,661 |
Top Solar Installers in Lexington
Many homeowners decide to use a solar installer since trying to install solar panels yourself can be a lot of work. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Lexington
Factors that Affect Solar Panel Costs in Lexington
Even though the average cost of a solar system in Lexington is $15,034, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,750. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lexington to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time because of interest. It's wise 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in Lexington, and each can charge different amounts for labor and equipment. Additionally, some companies in Lexington have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $19,235 | 9.6 years |
| 8 kW | $2.81 | $15,708 | $25,955 | 9.4 years |
| 10 kW | $2.75 | $19,250 | $32,829 | 9.2 years |
| 12 kW | $2.69 | $22,638 | $39,856 | 9.1 years |
| 14 kW | $2.64 | $25,872 | $47,038 | 8.9 years |
| 16 kW | $2.58 | $28,952 | $54,374 | 8.7 years |
| 18 kW | $2.53 | $31,878 | $61,864 | 8.5 years |
| 20 kW | $2.48 | $34,650 | $69,507 | 8.3 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 selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
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 Lexington, VA Solar Cost FAQs
What is the average cost of installing solar panels in Lexington?
The average cost of solar panels in Lexington is about $13,750 for a 5-kW system and $27,500 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lexington?
A solar panel system isn't free in Lexington, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Lexington?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs 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 install 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.