Solar Panel Cost Guide in Martinsville, VA (2023 Update)
- Martinsville Solar Installation Cost: $14,769
- 25-Year Savings: $22,185
- Payback Period: 10.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Martinsville
We break down average solar pricing in Martinsville.
In Martinsville, solar panels cost about 2.75 per watt on average. The average Martinsville homeowner needs a 7.7-kilowatt system, which would cost about $14,765 with the federal tax credit, or $21,114 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. Despite the significant initial cost, the average Martinsville homeowner can save about $18,000 on their energy bills over 20 years, which is one of the perks of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-14,646 |
| 3 years | $-14,399 |
| 5 years | $-14,153 |
| 7 years | $-13,907 |
| 9 years | $-13,660 |
| 11 years | $-13,414 |
| 13 years | $-13,168 |
| 15 years | $-12,921 |
| 17 years | $-12,675 |
| 19 years | $-12,428 |
| 21 years | $-12,182 |
| 23 years | $-11,936 |
| 25 years | $-11,689 |
Top Solar Installers in Martinsville
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make switching to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're searching for a solar company in Martinsville, we've organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Martinsville
Factors that Affect Solar Panel Costs in Martinsville
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Martinsville: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key 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 increase costs. For each additional kilowatt you need, your cost can go up by about $2,750. The kind of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to think 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 looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Martinsville homeowners choose to finance their solar panel systems to make going solar more affordable. 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 getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Martinsville is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets. 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 cost more. It's best to do some research and go with 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 | $2.86 | $12,012 | $16,888 | 10.4 years |
| 8 kW | $2.81 | $15,708 | $22,825 | 10.2 years |
| 10 kW | $2.75 | $19,250 | $28,916 | 10.0 years |
| 12 kW | $2.69 | $22,638 | $35,162 | 9.8 years |
| 14 kW | $2.64 | $25,872 | $41,561 | 9.6 years |
| 16 kW | $2.58 | $28,952 | $48,114 | 9.4 years |
| 18 kW | $2.53 | $31,878 | $54,822 | 9.2 years |
| 20 kW | $2.48 | $34,650 | $61,683 | 9.0 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a good 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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Martinsville, VA Solar Cost FAQs
How much does it cost to install solar panels in Martinsville?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. You can expect to pay 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 opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Martinsville?
You can't get solar panels for free in Martinsville. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Martinsville?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.
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.