Solar Panel Cost Guide in Lincoln, ND (2024 Update)
- Lincoln Solar Installation Cost: $43,416
- 25-Year Savings: $48,289
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Lincoln
Let’s have a look at the average cost of solar panels in Lincoln.
The average cost of a solar panel system in Lincoln is 4 per watt.The average solar panel system size in Lincoln is around 17.3 kilowatts, meaning a cost of about $43,416 for a solar installation, or $62,085 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what company you go with.With typical savings of about $17,000 on power bills over 20 years, many homeowners in Lincoln find going solar can be quite rewarding.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-42,130 |
| 3 years | $-39,559 |
| 5 years | $-36,988 |
| 7 years | $-34,417 |
| 9 years | $-31,846 |
| 11 years | $-29,275 |
| 13 years | $-26,704 |
| 15 years | $-24,133 |
| 17 years | $-21,562 |
| 19 years | $-18,990 |
| 21 years | $-16,419 |
| 23 years | $-13,848 |
| 25 years | $-11,277 |
Top Solar Installers in Lincoln
Although you can install solar panels by yourself, it requires extra labor and knowledge. That's why most people choose to hire a solar panel installer. Plus, if you’re not certain what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Lincoln:
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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
For many Lincoln homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,580 per kilowatt in Lincoln.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lincoln, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. 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 Lincoln to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest.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 more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Lincoln, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.The company’s size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.72 | $15,637 | $11,250 | 14.5 years |
| 8 kW | $3.65 | $20,449 | $15,401 | 14.3 years |
| 10 kW | $3.58 | $25,060 | $19,753 | 14.0 years |
| 12 kW | $3.51 | $29,471 | $24,304 | 13.7 years |
| 14 kW | $3.44 | $33,681 | $29,057 | 13.4 years |
| 16 kW | $3.37 | $37,690 | $34,010 | 13.1 years |
| 18 kW | $3.29 | $41,499 | $39,163 | 12.9 years |
| 20 kW | $3.22 | $45,108 | $44,517 | 12.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Read the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based 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 the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 Lincoln, ND Solar Cost FAQs
How much does it cost to install solar panels in Lincoln?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home considerably 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 solar panels."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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.