Solar Panel Cost Guide in Cold Spring, KY (2023 Update)
- Cold Spring Solar Installation Cost: $15,921
- 25-Year Savings: $15,904
- Payback Period: 12.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cold Spring
We break down average solar pricing in Cold Spring.
The national average cost of solar panels is $2.66 per watt, but in Cold Spring it's 2.34 per watt. Since a 9.7-kW system is needed to cover the energy needs of a typical home in Cold Spring, the average price of going solar will be about $15,921 after claiming the federal solar tax credit of 30%.
These figures are only averages, and the cost of going solar for you will most likely vary based on factors unique to your home and what company you choose to go with. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Cold Spring see about $12,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Cold Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-14,648 |
| 3 years | $-12,102 |
| 5 years | $-9,556 |
| 7 years | $-7,010 |
| 9 years | $-4,464 |
| 11 years | $-1,918 |
| 13 years | $628 |
| 15 years | $3,174 |
| 17 years | $5,720 |
| 19 years | $8,266 |
| 21 years | $10,812 |
| 23 years | $13,358 |
| 25 years | $15,904 |
Top Solar Installers in Cold Spring
Many homeowners opt for a solar panel installer since installing solar panels on your own can be a labor-intensive endeavor. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
If you're looking for a solar company in Cold Spring, we've put together a list of our top suggestions here:
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 Cold Spring
Factors that Affect Solar Panel Costs in Cold Spring
For many Cold Spring homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Cold Spring, 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 energy 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 $2,340. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Cold Spring, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Cold Spring provide solar loans, which reduce the initial cost of installing a solar system. Although solar loans make going solar more accessible for Cold Spring homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can play a part in determining your pricing. Cold Spring's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that offers the products, warranties and services you want and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.43 | $10,221 | $9,430 | 13.0 years |
| 8 kW | $2.39 | $13,366 | $12,836 | 12.8 years |
| 10 kW | $2.34 | $16,380 | $16,372 | 12.5 years |
| 12 kW | $2.29 | $19,263 | $20,040 | 12.3 years |
| 14 kW | $2.25 | $22,015 | $23,839 | 12.0 years |
| 16 kW | $2.20 | $24,636 | $27,768 | 11.8 years |
| 18 kW | $2.15 | $27,125 | $31,829 | 11.5 years |
| 20 kW | $2.11 | $29,484 | $36,021 | 11.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: Different companies have different brands and types of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Warranty: If you care about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
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 Cold Spring, KY Solar Cost FAQs
What is the average cost of installing solar panels in Cold Spring?
The average cost of solar panels in Cold Spring is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the actual cost will depend on things like the type 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 Cold Spring?
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.
Is going solar worth it?
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 Cold Spring?
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 their energy production will have decreased significantly after that point. You can choose to 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.