Solar Panel Cost Guide in Covington, KY (2023 Update)
- Covington Solar Installation Cost: $15,872
- 25-Year Savings: $16,739
- Payback Period: 12.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Covington
Find out how much it might cost to go solar in Covington.
While the national average of solar panels is $2.66 per watt, solar panels in Covington typically cost about 2.34. Using this figure, a typical 9.7-kW system would cost about $15,872 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,461 |
| 3 years | $-11,640 |
| 5 years | $-8,818 |
| 7 years | $-5,996 |
| 9 years | $-3,174 |
| 11 years | $-353 |
| 13 years | $2,469 |
| 15 years | $5,291 |
| 17 years | $8,113 |
| 19 years | $10,934 |
| 21 years | $13,756 |
| 23 years | $16,578 |
| 25 years | $19,399 |
Top Solar Installers in Covington
When going solar, many homeowners decide to hire a solar installation company since handling can be a challenging project. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Covington:
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 Covington
Factors that Affect Solar Panel Costs in Covington
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Covington: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Covington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,340 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Covington to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Covington, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $2.43 | $10,221 | $9,972 | 12.7 years |
| 8 kW | $2.39 | $13,366 | $13,558 | 12.4 years |
| 10 kW | $2.34 | $16,380 | $17,275 | 12.2 years |
| 12 kW | $2.29 | $19,263 | $21,123 | 11.9 years |
| 14 kW | $2.25 | $22,015 | $25,102 | 11.7 years |
| 16 kW | $2.20 | $24,636 | $29,212 | 11.4 years |
| 18 kW | $2.15 | $27,125 | $33,453 | 11.2 years |
| 20 kW | $2.11 | $29,484 | $37,826 | 11.0 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Covington, KY Solar Cost FAQs
What is the average cost of installing solar panels in Covington?
The average cost of solar panels in Covington is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Covington?
A solar panel system isn't free in Covington, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 household 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.