Solar Panel Cost Guide in Lynchburg, VA (2024 Update)
- Lynchburg Solar Installation Cost: $19,420
- 25-Year Savings: $22,272
- Payback Period: 13.1 Years
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Average Cost of Solar Panels in Lynchburg
Here’s how much it might cost to switch to solar power in Lynchburg.
Although the national average of solar panels is $2.66 per watt, solar panels in Lynchburg generally cost around 4.To account for the typical energy usage of the average home in Lynchburg, most homeowners require a 7.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,420, or $27,771 before the federal solar tax credit of 0 is applied.
These figures are only averages, and your own solar costs will most likely look different based on factors unique to your home and what company you want to go with.Even with the high initial cost, the average Lynchburg homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To receive a free estimate from a pre-vetted solar installation company in Lynchburg, you can click the button below.
Solar savings over time in Lynchburg
Year | Return on Investment |
---|---|
1 years | $-18,000 |
3 years | $-15,161 |
5 years | $-12,321 |
7 years | $-9,482 |
9 years | $-6,643 |
11 years | $-3,803 |
13 years | $-964 |
15 years | $1,876 |
17 years | $4,715 |
19 years | $7,554 |
21 years | $10,394 |
23 years | $13,233 |
25 years | $16,073 |
Top Solar Installers in Lynchburg
Although you can install solar panels yourself, it involves extra energy and know-how. That's one of the reasons most homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be invaluable as well, especially if you don’t quite know what type of solar equipment would be right for your home.
You can get a free estimate from a local solar installer on how much solar panels 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
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 Lynchburg
Factors that Affect Solar Panel Costs in Lynchburg
Even though the average cost of a solar system in Lynchburg is $19,420, your final cost may differ. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,590.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lynchburg, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lynchburg to be too expensive, 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 for most homeowners, but they also result in a higher cost over time because of interest.However, the interest on solar loans also adds to your overall costs, so it’s vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Lynchburg, and each can charge different amounts for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that provides the products, warranties and services you want 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 | $13,161 | 13.6 years |
8 kW | $3.66 | $20,506 | $17,950 | 13.3 years |
10 kW | $3.59 | $25,130 | $22,940 | 13.1 years |
12 kW | $3.52 | $29,553 | $28,131 | 12.8 years |
14 kW | $3.45 | $33,775 | $33,523 | 12.5 years |
16 kW | $3.37 | $37,796 | $39,117 | 12.3 years |
18 kW | $3.30 | $41,615 | $44,911 | 12.0 years |
20 kW | $3.23 | $45,234 | $50,906 | 11.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a solid 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 service, such as part repairs and replacements.
- Warranty: If you’re concerned about the endurance of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Different companies offer various brands and types of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Lynchburg, VA Solar Cost FAQs
What is the average cost of installing solar panels in Lynchburg?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly 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 higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on electricity bills after switching to solar?
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 $961.40 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.