Solar Panel Cost Guide in Luray, VA (2025 Update)
- Luray Solar Installation Cost: $20,239
- 25-Year Savings: $19,619
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Luray
Find out what the average cost of solar panel installation is in Luray.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Luray, the typical cost of a solar system is 4 per watt.The average solar panel system size in Luray is around 8.1 kilowatts, meaning a cost of about $20,239 for a solar installation, or $28,942 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with.Even with the significant initial cost, the average Luray homeowner can save about $17,000 on their power bills over 20 years, which is one of the positives of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Luray
| Year | Return on Investment |
|---|---|
| 1 years | $-18,640 |
| 3 years | $-15,442 |
| 5 years | $-12,244 |
| 7 years | $-9,046 |
| 9 years | $-5,849 |
| 11 years | $-2,651 |
| 13 years | $547 |
| 15 years | $3,745 |
| 17 years | $6,943 |
| 19 years | $10,141 |
| 21 years | $13,339 |
| 23 years | $16,537 |
| 25 years | $19,734 |
Top Solar Installers in Luray
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make swapping over to solar power much easier. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Luray:
See all of the solar companies in Luray
Factors that Affect Solar Panel Costs in Luray
There are a number of criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,590. The kind of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, 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.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Luray, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that offers the products, warranties and services you’re looking for and also fits 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 | $10,485 | 15.0 years |
| 8 kW | $3.66 | $20,506 | $14,381 | 14.7 years |
| 10 kW | $3.59 | $25,130 | $18,479 | 14.4 years |
| 12 kW | $3.52 | $29,553 | $22,778 | 14.1 years |
| 14 kW | $3.45 | $33,775 | $27,278 | 13.8 years |
| 16 kW | $3.37 | $37,796 | $31,979 | 13.5 years |
| 18 kW | $3.30 | $41,615 | $36,882 | 13.3 years |
| 20 kW | $3.23 | $45,234 | $41,985 | 13.0 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Luray, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: Read the contract terms closely to make sure you understand the overall cost, completion timeline rebates and warranties.
EcoWatch's Luray, VA Solar Cost FAQs
How much does it cost to install solar panels in Luray?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,950 for a 5-kW system and $35,900 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Luray?
Leasing solar panels can be an attractive choice, as it commonly 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $872.19 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.