Solar Panel Cost Guide in Covington, KY (Jan 2023)
- Covington Solar Installation Cost: $15,872
- 25-Year Savings: $16,739
- Payback Period: 12.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Covington
Find out what the average cost of solar panel installation is in Covington.
The national average cost of solar panels is $2.66 per watt, but in Covington it's $2 per watt. The average solar panel system size in Covington is around 9.7 kilowatts, meaning a cost of about $15,872 for a solar installation, or $11,745 after the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Covington based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
To receive a free quote from a vetted solar installer in Covington, you can click the button below.
Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,568 |
| 3 years | $-11,959 |
| 5 years | $-9,350 |
| 7 years | $-6,741 |
| 9 years | $-4,132 |
| 11 years | $-1,523 |
| 13 years | $1,086 |
| 15 years | $3,695 |
| 17 years | $6,304 |
| 19 years | $8,913 |
| 21 years | $11,521 |
| 23 years | $14,130 |
| 25 years | $16,739 |
Top Solar Installers in Covington
Although it's possible to install solar panels yourself, it takes extra effort and know-how. Because of that, the majority of homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for your family.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Covington
Factors that Affect Solar Panel Costs in Covington
The cost of installing a solar system in Covington can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. The kind of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Covington homeowners decide to finance their solar panel systems to make going solar more affordable. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Covington, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that has the products, warranties and services you're looking for and also fit into 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 | $9,972 | 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
There are many companies to choose from in Covington, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Covington, KY Solar Cost FAQs
What is the average cost of installing solar panels in Covington?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
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 affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Covington is currently $170,914, so you can expect a value of about $7,007 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Covington is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.