Solar Panel Cost Guide in Owensboro, KY (2024 Update)

  • Owensboro Solar Installation Cost: $24,044
  • 25-Year Savings: $32,658
  • Payback Period: 12.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Owensboro

Here’s how much it might cost to go solar in Owensboro.

In Owensboro, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Owensboro, most homeowners require a 9.4-kilowatt system. Using the figure above, a solar installation costs about $24,044, or $34,383 before the federal solar tax credit of 0 is applied.

These figures are only averages, and the cost of going solar for you will most likely look different based on the amount of energy your home requires and what company you go with.Even with the large initial cost, the average Owensboro homeowner can save around $19,000 on their power bills over 20 years, which is one of the perks of solar.

To get a free quote from a pre-vetted solar installer in Owensboro, you can click the button below.

Solar savings over time in Owensboro

YearReturn on Investment
1 years$-22,347
3 years$-18,952
5 years$-15,558
7 years$-12,163
9 years$-8,769
11 years$-5,374
13 years$-1,980
15 years$1,415
17 years$4,810
19 years$8,204
21 years$11,599
23 years$14,993
25 years$18,388

Top Solar Installers in Owensboro

Installing solar panels by yourself can be a time-consuming task, which is why hiring a solar installer is a good option for many homeowners. Some solar installers, particularly local ones, can help you make the most of incentives in Owensboro, optimizing your ROI.

If you're on the hunt for a solar company in Owensboro, the EcoWatch team has compiled a list of our top suggestions here:

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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

See all of the solar companies in Owensboro

Factors that Affect Solar Panel Costs in Owensboro

Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Owensboro: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

When it comes to estimating the price of solar panels in Owensboro, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can determine by looking at past energy bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.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 are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

If paying for solar panels in cash is difficult, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that provides the products, warranties and services you want and also fit into your budget.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.80$15,943$14,70713.0 years
8 kW$3.72$20,849$20,01812.8 years
10 kW$3.65$25,550$25,53312.5 years
12 kW$3.58$30,047$31,25312.3 years
14 kW$3.50$34,339$37,17812.0 years
16 kW$3.43$38,427$43,30611.8 years
18 kW$3.36$42,311$49,63911.5 years
20 kW$3.29$45,990$56,17711.3 years

How to Save on Solar Panels

There are numerous companies available in Owensboro, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:

  • Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
  • Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While 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 peruse their list of options before making your decision.
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Best Solar Financing

Blue Raven Solar

★★★★★
4.5
  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

EcoWatch's Owensboro, KY Solar Cost FAQs

How much does it cost to install solar panels in Owensboro?

The average cost of solar panels in Owensboro 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 things like the type of solar panels you want, what size system you need and how much energy you consume.

Can you get solar panels for free in Owensboro?

You can’t get solar panels for free in Owensboro. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.

How will solar panels impact my home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Owensboro is currently $185,483, so you can look forward to a value of about $7,605 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Owensboro is a fruitful investment.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you should find out how much energy your home requires 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.