Solar Panel Cost Guide in Nicholasville, KY (2024 Update)
- Nicholasville Solar Installation Cost: $24,658
- 25-Year Savings: $21,772
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Nicholasville
Let’s have a look at the average cost of solar in Nicholasville.
While the national average of solar panels is $2.66 per watt, solar panels in Nicholasville typically cost about 4.The average Nicholasville homeowner needs a 9.7-kilowatt system, which would cost about $24,658 with the federal tax credit, or $35,261 before the 0 tax credit is applied.
The true price you pay can be higher or lower than the average in Nicholasville based on a variety of factors, such as the model of solar panels you choose and the solar company you hire.For most homeowners, the upfront investment in solar is worth paying. On average Nicholasville homeowners see about $15,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Nicholasville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,279 |
| 3 years | $-20,522 |
| 5 years | $-17,764 |
| 7 years | $-15,006 |
| 9 years | $-12,248 |
| 11 years | $-9,491 |
| 13 years | $-6,733 |
| 15 years | $-3,975 |
| 17 years | $-1,217 |
| 19 years | $1,541 |
| 21 years | $4,298 |
| 23 years | $7,056 |
| 25 years | $9,814 |
Top Solar Installers in Nicholasville
Although it's possible to install solar panels on your own, it requires extra effort and handiness. For that reason, most people choose a solar panel installer. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some 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 Nicholasville
Factors that Affect Solar Panel Costs in Nicholasville
The cost of installing a solar system in Nicholasville can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,650. The brand and kind of equipment you want 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 come at a higher price 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Nicholasville have solar loans, which reduce the initial cost of installing solar panels.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Nicholasville is the company you choose to install your solar system. As with choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that provide a range of services at different costs.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater 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 discount can bring their pricing down 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 | $7,420 | 17.1 years |
| 8 kW | $3.72 | $20,849 | $10,303 | 16.7 years |
| 10 kW | $3.65 | $25,550 | $13,389 | 16.4 years |
| 12 kW | $3.58 | $30,047 | $16,681 | 16.1 years |
| 14 kW | $3.50 | $34,339 | $20,176 | 15.7 years |
| 16 kW | $3.43 | $38,427 | $23,876 | 15.4 years |
| 18 kW | $3.36 | $42,311 | $27,780 | 15.1 years |
| 20 kW | $3.29 | $45,990 | $31,889 | 14.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
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 Nicholasville, KY Solar Cost FAQs
How much does it cost to install solar panels in Nicholasville?
The average cost of solar panels in Nicholasville is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.