Solar Panel Cost Guide in Covington, KY (2024 Update)
- Covington Solar Installation Cost: $24,758
- 25-Year Savings: $16,739
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Covington
Let’s take a look at the average cost of solar panels in Covington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Covington, the typical cost of a solar system is 4 per watt.Since a 9.7-kW system is needed to cover the energy consumption of a typical home in Covington, the average price of going solar will be about $24,758 after claiming the federal solar tax credit of 0.
These figures are just estimates, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you want to go with.Even with the significant upfront cost, the average Covington homeowner can save around $13,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar company in Covington for a customized estimate.
Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-23,347 |
| 3 years | $-20,525 |
| 5 years | $-17,703 |
| 7 years | $-14,882 |
| 9 years | $-12,060 |
| 11 years | $-9,238 |
| 13 years | $-6,417 |
| 15 years | $-3,595 |
| 17 years | $-773 |
| 19 years | $2,049 |
| 21 years | $4,870 |
| 23 years | $7,692 |
| 25 years | $10,514 |
Top Solar Installers in Covington
Although it's possible to install solar panels on your own, it takes extra effort and handiness. That's why almost all homeowners choose to hire a solar panel installer. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you’d like to go solar but still aren’t certain which solar system company to go with, here are our recommendations for providers near you:
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 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 Covington
Factors that Affect Solar Panel Costs in Covington
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Covington: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over 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 greater 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 $3,650.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Covington, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.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 can only 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 finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence how much it costs. Covington’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better 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 lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $4,250 | 19.7 years |
| 8 kW | $3.72 | $20,849 | $6,075 | 19.4 years |
| 10 kW | $3.65 | $25,550 | $8,105 | 19.0 years |
| 12 kW | $3.58 | $30,047 | $10,339 | 18.6 years |
| 14 kW | $3.50 | $34,339 | $12,778 | 18.2 years |
| 16 kW | $3.43 | $38,427 | $15,421 | 17.8 years |
| 18 kW | $3.36 | $42,311 | $18,268 | 17.5 years |
| 20 kW | $3.29 | $45,990 | $21,320 | 17.1 years |
How to Save on Solar Panels
There are a lot of companies available in Covington, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: If you care about the durability of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 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 Covington, KY Solar Cost FAQs
How much does it cost to install solar panels in Covington?
The average cost of solar panels in Covington is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Covington?
A solar panel system isn’t free in Covington, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Covington, that will require at least a 10-kW system. Not all homes will have the roof space for 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 many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know 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 household 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.