Solar Panel Cost Guide in Martinsville, VA (2024 Update)
- Martinsville Solar Installation Cost: $19,280
- 25-Year Savings: $22,185
- Payback Period: 13.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Martinsville
Let’s take a look at the average cost of solar panels in Martinsville.
In Martinsville, solar panels cost about 4 per watt on average.The average Martinsville homeowner needs a 7.7-kilowatt system, which would cost about $19,280 with the federal tax credit, or $27,570 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely look different based on the amount of energy your home requires and what company you go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on power bills.
Click the button below to get connected to a top solar company in your area for a custom estimate.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-17,860 |
| 3 years | $-15,021 |
| 5 years | $-12,182 |
| 7 years | $-9,342 |
| 9 years | $-6,503 |
| 11 years | $-3,663 |
| 13 years | $-824 |
| 15 years | $2,015 |
| 17 years | $4,855 |
| 19 years | $7,694 |
| 21 years | $10,534 |
| 23 years | $13,373 |
| 25 years | $16,212 |
Top Solar Installers in Martinsville
When switching to solar energy, many homeowners prefer to use a solar installer since handling can be a difficult project. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Martinsville
Factors that Affect Solar Panel Costs in Martinsville
There are a number of criteria that can affect 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
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Martinsville to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest.However, the interest on solar loans also adds to your all-in costs, so it’s vital to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Martinsville, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Some companies 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 choose a company that provides 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 | $13,219 | 13.6 years |
| 8 kW | $3.66 | $20,506 | $18,027 | 13.3 years |
| 10 kW | $3.59 | $25,130 | $23,036 | 13.0 years |
| 12 kW | $3.52 | $29,553 | $28,247 | 12.8 years |
| 14 kW | $3.45 | $33,775 | $33,658 | 12.5 years |
| 16 kW | $3.37 | $37,796 | $39,271 | 12.3 years |
| 18 kW | $3.30 | $41,615 | $45,084 | 12.0 years |
| 20 kW | $3.23 | $45,234 | $51,099 | 11.7 years |
How to Save on Solar Panels
The solar company you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which company you should opt for, since different companies have access to different panels.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Contract: Read the contract terms closely to make sure you understand the total cost, completion timeline incentives and warranties.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Martinsville, VA Solar Cost FAQs
What is the average cost of installing solar panels in Martinsville?
The average cost of solar panels in Martinsville is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Martinsville?
A solar panel system isn’t free in Martinsville, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on power bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Martinsville, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Martinsville?
On average, the lifespan of solar panels is 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 level 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.