Solar Panel Cost Guide in Corbin, KY (2023 Update)
- Corbin Solar Installation Cost: $15,741
- 25-Year Savings: $23,686
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Corbin
Find out how much it might cost to switch to solar power in Corbin.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Corbin, the typical cost of a solar system is 2.34 per watt. The average Corbin homeowner needs a 9.6-kilowatt system, which would cost about $15,741 with the federal tax credit, or $22,510 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 actual cost of making the switch to solar can vary quite a bit depending on several factors, such as what size system you need, your energy consumption and what solar installer you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Corbin homeowners see about $16,000 in savings on electricity bills over 20 years.
To receive a free quote from a top solar company in Corbin, you can click the button below.
Solar savings over time in Corbin
| Year | Return on Investment |
|---|---|
| 1 years | $-14,164 |
| 3 years | $-11,010 |
| 5 years | $-7,856 |
| 7 years | $-4,702 |
| 9 years | $-1,547 |
| 11 years | $1,607 |
| 13 years | $4,761 |
| 15 years | $7,915 |
| 17 years | $11,069 |
| 19 years | $14,224 |
| 21 years | $17,378 |
| 23 years | $20,532 |
| 25 years | $23,686 |
Top Solar Installers in Corbin
When making the switch to solar, many homeowners prefer to hire a solar company since putting up solar panels yourself can be a difficult project. Some solar companies, especially local ones, can help you take advantage of incentives in Corbin, thereby optimizing your ROI.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Corbin
Factors that Affect Solar Panel Costs in Corbin
The cost of installing a solar system in Corbin can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Corbin, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of 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 companies in Corbin provide solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Corbin, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. The company's size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 promotion 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 | $2.43 | $10,221 | $14,383 | 10.4 years |
| 8 kW | $2.39 | $13,366 | $19,440 | 10.2 years |
| 10 kW | $2.34 | $16,380 | $24,628 | 10.0 years |
| 12 kW | $2.29 | $19,263 | $29,946 | 9.8 years |
| 14 kW | $2.25 | $22,015 | $35,396 | 9.6 years |
| 16 kW | $2.20 | $24,636 | $40,977 | 9.4 years |
| 18 kW | $2.15 | $27,125 | $46,689 | 9.2 years |
| 20 kW | $2.11 | $29,484 | $52,531 | 9.0 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose considerably influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which kind 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 deciding.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: When reading through your solar installer's contract, ask for clarification 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: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Corbin, KY Solar Cost FAQs
What is the average cost of installing solar panels in Corbin?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Corbin?
Leasing solar panels can be an option if you can't afford 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 home 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.
How will having solar panels impact the value of my home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.