Solar Panel Cost Guide in St. Matthews, KY (2024 Update)
- St. Matthews Solar Installation Cost: $24,524
- 25-Year Savings: $12,192
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in St. Matthews
We go over average solar pricing in St. Matthews.
The average cost of a solar system in St. Matthews is 4 per watt.Since a 9.6-kW system is needed to cover the energy usage of a typical home in St. Matthews, the average price of going solar will be about $24,524 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of equipment you want, your solar contractor and more.Many homeowners find installing a solar system is a solid investment. The average homeowner in St. Matthews can save around $17,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in St. Matthews for a quote for your home.
Solar savings over time in St. Matthews
| Year | Return on Investment |
|---|---|
| 1 years | $-23,055 |
| 3 years | $-20,118 |
| 5 years | $-17,181 |
| 7 years | $-14,243 |
| 9 years | $-11,306 |
| 11 years | $-8,369 |
| 13 years | $-5,431 |
| 15 years | $-2,494 |
| 17 years | $443 |
| 19 years | $3,380 |
| 21 years | $6,318 |
| 23 years | $9,255 |
| 25 years | $12,192 |
Top Solar Installers in St. Matthews
Many homeowners choose to hire a solar panel installer since trying to install solar panels on your own can be a lot of work. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
If you’d like to start using solar energy but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in St. Matthews:
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 St. Matthews
Factors that Affect Solar Panel Costs in St. Matthews
For many St. Matthews homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in St. Matthews, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production 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.There are many different solar panel brands and the one you choose also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many St. Matthews homeowners choose to finance their solar panel systems to make paying for solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating in St. Matthews, and each can charge varying amounts for labor and equipment.Additionally, some companies in St. Matthews know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $10,064 | 15.3 years |
| 8 kW | $3.72 | $20,849 | $13,827 | 15.0 years |
| 10 kW | $3.65 | $25,550 | $17,795 | 14.7 years |
| 12 kW | $3.58 | $30,047 | $21,967 | 14.4 years |
| 14 kW | $3.50 | $34,339 | $26,344 | 14.1 years |
| 16 kW | $3.43 | $38,427 | $30,925 | 13.9 years |
| 18 kW | $3.36 | $42,311 | $35,710 | 13.6 years |
| 20 kW | $3.29 | $45,990 | $40,700 | 13.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in St. Matthews, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
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 St. Matthews, KY Solar Cost FAQs
What is the average cost of installing solar panels in St. Matthews?
The average cost of solar panels in St. Matthews 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in St. Matthews?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.