Solar Panel Cost Guide in Mayfield, KY (2024 Update)
- Mayfield Solar Installation Cost: $23,527
- 25-Year Savings: $17,796
- Payback Period: 17.9 Years
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Average Cost of Solar Panels in Mayfield
Let’s take a look at the average cost of solar in Mayfield.
In Mayfield, solar panels cost about 4 per watt on average.The average Mayfield homeowner needs a 9.2-kilowatt system, which would cost about $23,527 with the federal tax credit, or $33,644 before the 0 tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely differ based on factors unique to your home and what company you want to go with.With typical savings of about $14,000 on utility bills over 20 years, many homeowners in Mayfield find investing in solar has a decent ROI.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Mayfield
| Year | Return on Investment |
|---|---|
| 1 years | $-21,987 |
| 3 years | $-18,908 |
| 5 years | $-15,828 |
| 7 years | $-12,749 |
| 9 years | $-9,669 |
| 11 years | $-6,590 |
| 13 years | $-3,511 |
| 15 years | $-431 |
| 17 years | $2,648 |
| 19 years | $5,728 |
| 21 years | $8,807 |
| 23 years | $11,887 |
| 25 years | $14,966 |
Top Solar Installers in Mayfield
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar company can make switching to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance in the long run.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our recommendations for providers in Mayfield:
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 Mayfield
Factors that Affect Solar Panel Costs in Mayfield
The cost of installing a solar system in Mayfield can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,650. The brand and kind of equipment you want for your solar system can increase or decrease 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Although solar loans make going solar more accessible for Mayfield homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you choose will play a role in your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $5,480 | 18.6 years |
| 8 kW | $3.72 | $20,849 | $7,716 | 18.2 years |
| 10 kW | $3.65 | $25,550 | $10,156 | 17.9 years |
| 12 kW | $3.58 | $30,047 | $12,800 | 17.5 years |
| 14 kW | $3.50 | $34,339 | $15,649 | 17.2 years |
| 16 kW | $3.43 | $38,427 | $18,702 | 16.8 years |
| 18 kW | $3.36 | $42,311 | $21,960 | 16.5 years |
| 20 kW | $3.29 | $45,990 | $25,422 | 16.1 years |
How to Save on Solar Panels
There are a large number of companies available in Mayfield, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
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 Mayfield, KY Solar Cost FAQs
How much does it cost to install solar panels in Mayfield?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Mayfield?
A solar panel system isn’t free in Mayfield, 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 you can take advantage of.
Does Mayfield have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility 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?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.