Solar Panel Cost Guide in Lynchburg, VA (2023 Update)
- Lynchburg Solar Installation Cost: $14,880
- 25-Year Savings: $22,268
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lynchburg
We go over average solar pricing in Lynchburg.
While the national average of solar panels is $2.66 per watt, solar panels in Lynchburg generally cost around 2.75. Since a 7.7-kW system is needed to cover the energy usage of a typical home in Lynchburg, the average price of going solar will be about $14,880 after claiming the federal solar tax credit of 30%.
The true cost of your system can be higher or lower than the average in Lynchburg depending on a few factors, such as the brand of solar panels you choose and the solar company you hire. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lynchburg
| Year | Return on Investment |
|---|---|
| 1 years | $-13,394 |
| 3 years | $-10,423 |
| 5 years | $-7,451 |
| 7 years | $-4,479 |
| 9 years | $-1,507 |
| 11 years | $1,465 |
| 13 years | $4,437 |
| 15 years | $7,408 |
| 17 years | $10,380 |
| 19 years | $13,352 |
| 21 years | $16,324 |
| 23 years | $19,296 |
| 25 years | $22,268 |
Top Solar Installers in Lynchburg
Although you can install solar panels on your own, it requires extra energy and handiness. That's one of the reasons most people choose a solar panel installer. The payback period of solar panels will vary based on factors like your roof configuration and energy needs, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
Working with a professional solar company 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Lynchburg
Factors that Affect Solar Panel Costs in Lynchburg
The cost of installing a solar system in Lynchburg can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Lynchburg homeowners opt to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of financing options, including the total 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 interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Lynchburg, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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 | $2.86 | $12,012 | $16,830 | 10.4 years |
| 8 kW | $2.81 | $15,708 | $22,748 | 10.2 years |
| 10 kW | $2.75 | $19,250 | $28,820 | 10.0 years |
| 12 kW | $2.69 | $22,638 | $35,046 | 9.8 years |
| 14 kW | $2.64 | $25,872 | $41,426 | 9.6 years |
| 16 kW | $2.58 | $28,952 | $47,960 | 9.4 years |
| 18 kW | $2.53 | $31,878 | $54,648 | 9.2 years |
| 20 kW | $2.48 | $34,650 | $61,490 | 9.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Lynchburg, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Contract: Before you sign a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Lynchburg, VA Solar Cost FAQs
What is the average cost of installing solar panels in Lynchburg?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Lynchburg?
A solar panel system isn't free in Lynchburg, 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 can further reduce the cost.
Do solar panels increase your property value?
Solar panels can increase your property's value 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 a solar system."
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 how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.