Solar Panel Cost Guide in Louisville, CO (2023 Update)
- Louisville Solar Installation Cost: $9,957
- 25-Year Savings: $16,152
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Louisville
Let's have a look at the average cost of solar panels in Louisville.
The average cost of a solar system in Louisville is 2.69 per watt. The average Louisville homeowner needs a 5.3-kilowatt system, which would cost about $9,961 with the federal tax credit, or $14,244 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary based on a few factors, such as how many panels you need, your energy usage and what company you go with. Despite the significant upfront cost, the average Louisville homeowner can save about $19,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a reputable solar installer in Louisville for a personalized quote.
Solar savings over time in Louisville
| Year | Return on Investment |
|---|---|
| 1 years | $-8,989 |
| 3 years | $-7,052 |
| 5 years | $-5,116 |
| 7 years | $-3,180 |
| 9 years | $-1,244 |
| 11 years | $692 |
| 13 years | $2,629 |
| 15 years | $4,565 |
| 17 years | $6,501 |
| 19 years | $8,437 |
| 21 years | $10,374 |
| 23 years | $12,310 |
| 25 years | $14,246 |
Top Solar Installers in Louisville
When going solar, many homeowners opt to hire a solar installation company since handling can be a time-consuming project. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you'd like to switch to solar energy but still aren't sure which solar panel installer to go with, here are our suggestions for providers in Louisville:
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 Louisville
Factors that Affect Solar Panel Costs in Louisville
For many Louisville homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Louisville, 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
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,690 per kilowatt in Louisville. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Louisville average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Louisville, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. Even though solar loans make switching to solar energy more accessible for Louisville homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Louisville, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $17,875 | 9.9 years |
| 8 kW | $2.74 | $15,365 | $24,135 | 9.7 years |
| 10 kW | $2.69 | $18,830 | $30,545 | 9.5 years |
| 12 kW | $2.64 | $22,144 | $37,106 | 9.3 years |
| 14 kW | $2.58 | $25,308 | $43,818 | 9.2 years |
| 16 kW | $2.53 | $28,320 | $50,680 | 9.0 years |
| 18 kW | $2.47 | $31,182 | $57,693 | 8.8 years |
| 20 kW | $2.42 | $33,894 | $64,857 | 8.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. 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 make sure you take a look at their list of offerings before making your decision.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Louisville, CO Solar Cost FAQs
What is the average cost of installing solar panels in Louisville?
The average cost of solar panels in Louisville is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Louisville?
You can't get solar panels for free in Louisville. 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'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Louisville?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 needs 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 home 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.