Solar Panel Cost Guide in Cold Spring, KY (2024 Update)
- Cold Spring Solar Installation Cost: $24,826
- 25-Year Savings: $15,909
- Payback Period: 19.5 Years
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Average Cost of Solar Panels in Cold Spring
Here’s how much it might cost to make the switch to solar in Cold Spring.
The average cost of a solar system in Cold Spring is 4 per watt.Since a 9.7-kW system is needed to cover the energy usage of a typical home in Cold Spring, the average price of going solar will be about $24,826 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy usage and what company you go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Cold Spring can save about $12,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Cold Spring that can help you get a more accurate cost estimate for your home.
Solar savings over time in Cold Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-23,632 |
| 3 years | $-21,242 |
| 5 years | $-18,853 |
| 7 years | $-16,464 |
| 9 years | $-14,075 |
| 11 years | $-11,685 |
| 13 years | $-9,296 |
| 15 years | $-6,907 |
| 17 years | $-4,518 |
| 19 years | $-2,128 |
| 21 years | $261 |
| 23 years | $2,650 |
| 25 years | $5,040 |
Top Solar Installers in Cold Spring
Many homeowners choose to use a solar panel company since trying to install solar panels on your own can be a lot of work. Plus, if you’d like to maximize your investment in solar energy, using a solar company can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 rests on 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 a few factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,650 per kilowatt in Cold Spring.The brand and type of equipment you choose for your solar system can increase or decrease 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 greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Cold Spring, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Cold Spring, you’ll have many options to choose from, but each comes at various price points for labor and equipment.The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better 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 lower 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 | $3.80 | $15,943 | $3,708 | 20.3 years |
| 8 kW | $3.72 | $20,849 | $5,353 | 19.9 years |
| 10 kW | $3.65 | $25,550 | $7,202 | 19.5 years |
| 12 kW | $3.58 | $30,047 | $9,256 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,514 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $13,977 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,644 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,515 | 17.6 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- 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 model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
- Installation Process: When making the switch to solar energy, it’s necessary to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
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
How much does it cost to install solar panels in Cold Spring?
This is a difficult 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 higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Cold Spring?
A solar panel system isn’t free in Cold Spring, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Cold Spring have a net metering program?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces 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 long do solar panels last in Cold Spring?
Even 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.