One of the biggest draws to converting a home or business to solar energy is the money saved on a monthly energy bill. There is no doubt that harnessing your own clean and renewable solar energy will significantly reduce your energy expenditure, but how much does a solar panel array actually cost to buy and install? By understanding the factors that go into the final cost, an accurate range for the cost of solar panels in Virginia can be deduced. 

Cost Factors

There are a variety of factors that go into determining the total cost of a solar panel system. These can be prioritized based on individual preference and budget, however, cutting corners on these factors will limit the ability or lifespan of your system. Work with your solar provider to properly equate what will work best for you.  

System Size

• Naturally, if your solar array contains more panels then it will end up costing more. On the contrary, more panels mean more free energy and more significant energy savings. Try to find a proper balance by discussing your system size with your solar provider.

Panel Type & Brand

• Panel type and brand fall into a wide range of potential options with widely varying price points. The higher quality panel will produce more energy but it will be more expensive.

Installation Company

• The company that you decide on to facilitate the installation of your solar panels in Virginia will vary in price from its competitors. Their installation fees might differ from other companies and they might charge a premium for the panels. There are a lot of factors that go into a quote from a provider that should be gone over in depth. 

Roof of Home

• If you decide that you want your solar panel system to be mounted onto your roof, which is the most common place for installation, you need to make sure that your roof is able to support the weight. Before you have your solar panels mounted, be sure to hire a professional to conduct a thorough inspection of the roof’s structural integrity and make any necessary repairs. 

Permits

• The final factor, permits, ranges between locations. Regardless, permitting is a necessary expense for all solar panels in Virginia.

Price Ranges in VA

On average, solar panels cost $3.00 per watt. This means that if your solar array produces more watts, it will cost more than one that produces less. A mid-range, common size for solar panel arrays mounted on a home produces around 5 kW while the largest common size is around 10 kW. To gain an understanding of the cost of solar panels in Virginia, we can take a closer look at the average price range of these two sizes of solar panel arrays. It is also important to note that while a one-time payment to purchase the panels outright is possible, there are also great solar loan options to help make the system more affordable.

5 kW System

• Low End: $13,000
• Average: $15,000
• High End: $17,000+

10 kW System

• Low End: $27,000
• Average: $30,000
• High End: $33,000+

Savings

While considering the financial expenditure of solar panels in Virginia, it is also crucial to factor in the amount of money you stand to save. Over a long enough period of time, these energy savings will end up exceeding the cost of the solar panels while you continue to receive free, clean, and renewable solar energy. 

30% Federal Investment Tax Credit (ITC)

• No matter where you are in the country, the federal government currently offers a 30% tax credit for the cost of your solar system. This means that a $15,000 solar panel system would only cost around $10,500 after the tax credit is applied.

20 Year Savings

While it greatly depends on the cost of the solar panel array and the payment plan used, the 20-year mark is generally used to display the amount of savings. If the solar panels were paid for upfront these savings will be significantly larger than if a payment plan was used. These savings can go upwards of $20,000 over the course of 20 years.

Local Incentives

• Besides the major tax credit offered by the federal government, local incentives are in place to further maximize your savings. These vary by state and even sometimes counties. For solar panels in Virginia, these incentives include residential property tax exemption and net metering. When used effectively, incentives can be a highly beneficial attribute of going solar. 

Lumina Solar Helps You Navigate the Cost of Solar Panels in Virginia

While the cost of solar panels in Virginia does have a lot of factors that go into determining its total cost, one of the best ways to get the best value for your money is to choose a solar provider that retains your best interest and can efficiently guide you through the solar process. At Lumina Solar, our solar representatives will work closely with you to determine a solar plan that works specifically for you as well as ensure that you maximize your solar savings. Contact us to get your free quote and begin your solar experience today!