Solar Panel Cost Guide in Lexington, VA (2025 Update)
- Lexington Solar Installation Cost: $19,637
- 25-Year Savings: $25,653
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Lexington
Find out what the average cost of solar panels are in Lexington.
In Lexington, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Lexington, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,637, or $28,081 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Lexington depending on a few factors, such as the kind of solar panels you choose and the solar company you hire.With typical savings of about $20,000 on energy bills over 20 years, many homeowners in Lexington find going solar has a decent ROI.
Click the button below to get connected to a highly rated solar installer in Lexington for a customized estimate.
Solar savings over time in Lexington
| Year | Return on Investment |
|---|---|
| 1 years | $-18,038 |
| 3 years | $-14,840 |
| 5 years | $-11,642 |
| 7 years | $-8,444 |
| 9 years | $-5,247 |
| 11 years | $-2,049 |
| 13 years | $1,149 |
| 15 years | $4,347 |
| 17 years | $7,545 |
| 19 years | $10,743 |
| 21 years | $13,941 |
| 23 years | $17,139 |
| 25 years | $20,336 |
Top Solar Installers in Lexington
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be a labor-intensive endeavor. Another good thing about choosing a reputable solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Lexington
Factors that Affect Solar Panel Costs in Lexington
For many Lexington homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lexington, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,590 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. However, more efficient panels could save you more in the long run on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Lexington average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lexington to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Lexington, and each can charge varying amounts for labor and equipment.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,566 | 12.5 years |
| 8 kW | $3.66 | $20,506 | $21,157 | 12.3 years |
| 10 kW | $3.59 | $25,130 | $26,949 | 12.1 years |
| 12 kW | $3.52 | $29,553 | $32,942 | 11.8 years |
| 14 kW | $3.45 | $33,775 | $39,135 | 11.6 years |
| 16 kW | $3.37 | $37,796 | $45,530 | 11.3 years |
| 18 kW | $3.30 | $41,615 | $52,126 | 11.1 years |
| 20 kW | $3.23 | $45,234 | $58,923 | 10.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Solar Panel Brands: The type of solar panel you’d like to install plays a role in which installer you should go with, since different companies offer different panels.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: Companies that have been in business 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.
EcoWatch's Lexington, VA Solar Cost FAQs
How much does it cost to install solar panels in Lexington?
The average cost of solar panels in Lexington is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors 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 Lexington?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,041.57 per year.
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 should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.