Solar Panel Cost Guide in Vine Grove, KY (2024 Update)
- Vine Grove Solar Installation Cost: $24,376
- 25-Year Savings: $24,503
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Vine Grove
We go over average solar pricing in Vine Grove.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Vine Grove, the average cost of a solar system is 4 per watt.The average solar panel system size in Vine Grove is around 9.5 kilowatts, meaning a cost of about $24,376 for a solar installation, or $34,858 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Vine Grove based on a few factors, such as the type of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $16,000 over 20 years on utility bills.
Click the button below to get connected to a vetted solar company in your area for a customized quote.
Solar savings over time in Vine Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-22,997 |
| 3 years | $-20,239 |
| 5 years | $-17,481 |
| 7 years | $-14,724 |
| 9 years | $-11,966 |
| 11 years | $-9,208 |
| 13 years | $-6,450 |
| 15 years | $-3,693 |
| 17 years | $-935 |
| 19 years | $1,823 |
| 21 years | $4,581 |
| 23 years | $7,338 |
| 25 years | $10,096 |
Top Solar Installers in Vine Grove
When making the switch to solar, many homeowners decide to hire a solar installation company since overseeing your solar installation yourself can be a challenging project. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Vine Grove
Factors that Affect Solar Panel Costs in Vine Grove
There are a number of criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar system you need for your home, 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 type of equipment you get 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Vine Grove have solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Vine Grove is the company you get to install your solar panel system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that offer a range of services at different costs.The company’s size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally 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 | $9,294 | 15.8 years |
| 8 kW | $3.72 | $20,849 | $12,801 | 15.5 years |
| 10 kW | $3.65 | $25,550 | $16,513 | 15.2 years |
| 12 kW | $3.58 | $30,047 | $20,428 | 14.9 years |
| 14 kW | $3.50 | $34,339 | $24,548 | 14.6 years |
| 16 kW | $3.43 | $38,427 | $28,873 | 14.3 years |
| 18 kW | $3.36 | $42,311 | $33,402 | 14.0 years |
| 20 kW | $3.29 | $45,990 | $38,135 | 13.7 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The model of solar panel you want to install plays a part in which company you should go with, since different companies have different panels.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar installer. Make sure you understand how the installation process will go and the completion timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Vine Grove, KY Solar Cost FAQs
What is the average cost of installing solar panels in Vine Grove?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Vine Grove?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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 solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $841.25 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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 install 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.