Solar Panel Cost Guide in Prospect, KY (2024 Update)
- Prospect Solar Installation Cost: $24,581
- 25-Year Savings: $25,845
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in Prospect
Find out how much it might cost to switch to solar power in Prospect.
While the national average of solar panels is $2.66 per watt, solar panels in Prospect generally cost about 4.Using this figure, a typical 9.6-kW system would cost about $24,581 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar system you want to get, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Prospect see about $17,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Prospect
| Year | Return on Investment |
|---|---|
| 1 years | $-23,113 |
| 3 years | $-20,175 |
| 5 years | $-17,238 |
| 7 years | $-14,301 |
| 9 years | $-11,364 |
| 11 years | $-8,426 |
| 13 years | $-5,489 |
| 15 years | $-2,552 |
| 17 years | $386 |
| 19 years | $3,323 |
| 21 years | $6,260 |
| 23 years | $9,197 |
| 25 years | $12,135 |
Top Solar Installers in Prospect
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using an installer can make switching to solar power much easier. Another advantage of going with a solar installer is that they can help you maximize your investment by cutting back on future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar installer in Prospect, we've organized a list of our top suggestions here:
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 Prospect
Factors that Affect Solar Panel Costs in Prospect
For many Prospect homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Prospect, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, 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 around $3,650. There are several different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Prospect to be too costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.However, the interest on solar loans also increases your total costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Prospect, and each can charge different amounts for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $10,003 | 15.4 years |
| 8 kW | $3.72 | $20,849 | $13,746 | 15.1 years |
| 10 kW | $3.65 | $25,550 | $17,694 | 14.8 years |
| 12 kW | $3.58 | $30,047 | $21,845 | 14.5 years |
| 14 kW | $3.50 | $34,339 | $26,202 | 14.2 years |
| 16 kW | $3.43 | $38,427 | $30,763 | 13.9 years |
| 18 kW | $3.36 | $42,311 | $35,528 | 13.6 years |
| 20 kW | $3.29 | $45,990 | $40,497 | 13.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- 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 type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- 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 likely has a good reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: If you’re worried about the durability of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Prospect, KY Solar Cost FAQs
What is the average cost of installing solar panels in Prospect?
The average cost of solar panels in Prospect 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Prospect?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can you sell solar power back to the grid in Prospect?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.