Solar Panel Cost Guide in Wilmore, KY (2024 Update)
- Wilmore Solar Installation Cost: $24,658
- 25-Year Savings: $22,665
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Wilmore
Let’s have a look at the average cost of solar in Wilmore.
The average cost of a solar system in Wilmore is 4 per watt.Using this figure, a typical 9.7-kW system would cost about $24,658 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you want to get, your solar contractor and more.Despite the high initial cost, the average Wilmore homeowner can save about $15,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Wilmore
| 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 Wilmore
When going solar, many homeowners choose to use a solar company since overseeing your solar installation yourself can be a difficult project. Local solar installers can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
If you’d like to switch to solar energy but still aren’t certain which solar panel installer to go with, here are our suggestions for providers in Wilmore:
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 Wilmore
Factors that Affect Solar Panel Costs in Wilmore
For many Wilmore homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Wilmore, with typical prices between $20,000 to $40,000. There are numerous factors that greatly 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 important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,650. The type of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Wilmore, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can impact your pricing. Wilmore’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $7,975 | 16.7 years |
| 8 kW | $3.72 | $20,849 | $11,043 | 16.3 years |
| 10 kW | $3.65 | $25,550 | $14,314 | 16.0 years |
| 12 kW | $3.58 | $30,047 | $17,790 | 15.7 years |
| 14 kW | $3.50 | $34,339 | $21,471 | 15.4 years |
| 16 kW | $3.43 | $38,427 | $25,356 | 15.1 years |
| 18 kW | $3.36 | $42,311 | $29,445 | 14.7 years |
| 20 kW | $3.29 | $45,990 | $33,738 | 14.4 years |
How to Save on Solar Panels
There are a lot of companies available in Wilmore, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking over 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 component breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
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 Wilmore, KY Solar Cost FAQs
How much does it cost to install solar panels in Wilmore?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Wilmore?
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 financial benefits from going solar.
Is it worth going solar in Wilmore?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Wilmore?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.