Solar Panels Cost 13k-24k in Lexington, TN | October, 2024

Solar Panels Cost $13k-$24k in Lexington, TN | October, 2024

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How much do solar panels cost in Lexington, TN in 2024?

It averages out to $3.92 per watt to go solar in October, 2024 in Lexington, TN.

For every 1000 watts (1 kW) your solar panels can produce, you will need to spend, on average, $3,920 for its installation. Applying the 30% federal tax credit, the average expense for a 5 kW solar system in Lexington is approximately $13,720. Bear in mind that you may need a bigger system to satisfy your energy requirements.

Use the left-hand menu to select your area and see the typical roof size and the maximum capacity for residential solar on homes in your county. Below, you can see a complete outline of the costs, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Lexington: $13,720US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Lexington: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Lexington: $12,502US Average: $15,784

Solar Potential in Lexington

Estimated system size and solar electricity production per median viable roof in
Lexington.

Roof size 858sq. ft.
Capacity 12kW DC
Electricity 14.2kkWh AC per yr.

Electricity Costs in Lexington, TN & What that Means for Your Solar Panel Pricing

The average electricity bill in Lexington, for a usage of 1,082 kWh per month, is $133.76. These numbers take into account apartments and smaller residences with lower energy needs.

For October 2024, the mean electricity rate in Lexington, TN is 12.36¢ per kWh.

To satisfy the electricity requirements of an average consumer in Lexington, a solar panel system of 9 kW or larger is a must. The starting price for a 9 kW solar system will be $35,280, but after a 30% tax credit, your cost is reduced to $24,696.

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Average solar panel costs by system size in Lexington

On the left side below, you'll find the cost breakdown for different sizes of the solar panel systems set up in Lexington. While a more extensive solar installation has a higher price, it also yields higher electricity savings and higher income tax credits.

The solar panel calculator, located below and to the right, gives a detailed cost and benefit analysis based on a typical $133.76 electric bill for Lexington. To get custom results, alter the $133.76 to reflect your usual electricity payment.

System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $874 a year
Est. Price
$13,720
Savings from a 5kWthis system
  • Est. yearly production 7,279 kWh
  • Est. monthly savings $73
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.27 tons a year
  • Equivalent to planting 104 trees a year
  • Equivalent to driving 5,611 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,048 a year
Est. Price
$16,464
Savings from a 6kWthis system
  • Est. yearly production 8,735 kWh
  • Est. monthly savings $87
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 2.72 tons a year
  • Equivalent to planting 125 trees a year
  • Equivalent to driving 6,733 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,223 a year
Est. Price
$19,208
Savings from a 7kWthis system
  • Est. yearly production 10,191 kWh
  • Est. monthly savings $102
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 3.17 tons a year
  • Equivalent to planting 146 trees a year
  • Equivalent to driving 7,855 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,398 a year
Est. Price
$21,952
Savings from a 8kWthis system
  • Est. yearly production 11,647 kWh
  • Est. monthly savings $116
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 3.63 tons a year
  • Equivalent to planting 167 trees a year
  • Equivalent to driving 8,978 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,572 a year
Est. Price
$24,696
Savings from a 9kWthis system
  • Est. yearly production 13,103 kWh
  • Est. monthly savings $131
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 4.08 tons a year
  • Equivalent to planting 187 trees a year
  • Equivalent to driving 10,100 mi less a year

Lexington Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farmlands might have their solar or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Unsure if you're eligible? Verify your status with our REAP Grant eligibility tool.

Homeowners can benefit from a 30% federal income tax credit for adding residential solar panels, which makes solar power a feasible option throughout much of the country. Additionally, there are various state and local incentives to further push for the adoption of solar energy.

There are 2 solar incentive and rebate programs in Tennessee, available by different utilities and governmental bodies.

Sales Tax Credit for Clean Energy Technology

Value:Varies

New devices used in the generation, storage, or distribution of "green energy" in Tennessee may be eligible for state sales/use tax exemptions. Qualifying equipment should use solar, wind, geothermal, or hydrogen fuel cell technology and be installed in a Department of Environment-certified facility. To claim the exemption, the installing contractor should submit application paperwork to the Department of Revenue at the time of purchase. The buyer must then fill out a corresponding form. Approved exemptions will be paid as a refund to the contractor.

Pathway Energy Efficiency Loan Program

Value:Varies

Tennessee's Energy Efficiency Loan Program (EELP) is operated by Pathway Lending, a private non-profit operating in multiple states. Through the program, small businesses, local nonprofits, and local governments may obtain special financing for new renewable energy investments and energy efficiency improvements. Repayment plans last up to six years and are typically based on energy savings at below-market interest. To apply, an organization must submit successful proposals and complete an energy audit. Additional information is available from the Pathway Lending website.

Are solar panels worth it in Tennessee?

If you're planning to stay in your home past the period required to pay back your solar investment, installing solar panels is a good decision in Lexington. A 5 kW solar system in Lexington, TN might save you an average of $18,382.4 over 20 years, with the break even point typically being 9 years.

The cost of not having solar panels in Lexington, TN

Without solar panels or another backup power source, you lose out on the previously noted savings and are entirely dependent on your electric utility for electricity. As recent news articles have pointed out, total reliance on your utility provider isn't always ideal.

In recent years, Henderson County has seen an average of 2.76 utility outages per customer each year. The average length of an outage is 163.98 minutes. In events like planned maintenance, equipment failure or thunderstorms, this duration can extend significantly.

Regardless of whether a backup battery is present, a solar panel system could reduce the impact of future power outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Henderson County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Lexington, TN?

Your Energy Needs - When opting for larger solar panel systems, the overall expense is larger; however, the cost per watt diminishes with an increase in system size. Setting up a solar panel system that can cover the electric bill is useful to consumers because of the reduced long-term costs.

Make & Model - There are a range of makes and models of solar panels and mounting equipment. Because the installer you select might have specific system preferences, selecting a highly rated contractor is even more important. The employment of high-quality materials is probably will yield a more positive long-term experience for buyers.

Solar Panel Type - It's not surprising that monocrystalline panels are now the industry standard. They are associated with a higher price, but they provide more energy. Most solar panel installers choose this kind of material.

Your Property - Things like trees, sloping terrain, or other impediments may cause the installation to be more challenging. By using satellite imagery, solar installers can now assess your home and factor in these factors into the first cost estimate.

Labor Rates - The varying wages that companies offer their employees lead to costs that are inevitably passed on to consumers. Companies often garner higher reviews for their services and customer service when they pay higher wages.

Permitting & Interconnection - Permitting and utility interconnection fees differ locally and will impact your installation cost. Experienced local installers will include these figures in your initial estimates to ensure transparency.

See what solar panels cost in other TN cities

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Who are the best solar installers in Lexington?

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Tungsten Electric

Nashville-Davidson metropolitan government, TN(615) 491-0206

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.

LightEdison

Denver, CO(888) 966-6377

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.

Solar Plus

Atlanta, GA(470) 378-1182

Services

  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Lexington, TN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Lexington, TN is $3.92/W. For a 5 kW solar panel system, the total cost in Lexington, TN after federal tax credits is around $13,720.

  • If you live in Tennessee, you can find 2 rebates and incentives through different utilities and government agencies. Also, nearly everyone can take advantage of the 30% federal tax credit.

  • While paying cash ensures the greatest savings, there are now numerous financing options for solar panels that are also cost-effective. Initial quotes from installers will frequently contain information about available financing options.

  • Yes, in Lexington, TN, the average time for 5 kW solar panel systems to pay for themselves is 9 years, leading to electricity savings of $18,382.4 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01