Solar Panel Cost Guide in Covington, KY (2024 Update)
- Covington Solar Installation Cost: $24,758
- 25-Year Savings: $16,739
- Payback Period: 19.0 Years
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Average Cost of Solar Panels in Covington
Let’s take a look at the average cost of solar panels in Covington.
The national average cost of solar panels is $2.66 per watt, but in Covington it’s 4 per watt.Because a 9.7-kW system is needed to cover the energy needs of a typical home in Covington, the average price of going solar will be about $24,758 after claiming the federal solar tax credit of 0.
The true cost of your system can be higher or lower than the average in Covington depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Covington can save around $13,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Covington for a quote for your home.
Solar savings over time in Covington
| Year | Return on Investment |
|---|---|
| 1 years | $-23,347 |
| 3 years | $-20,525 |
| 5 years | $-17,703 |
| 7 years | $-14,882 |
| 9 years | $-12,060 |
| 11 years | $-9,238 |
| 13 years | $-6,417 |
| 15 years | $-3,595 |
| 17 years | $-773 |
| 19 years | $2,049 |
| 21 years | $4,870 |
| 23 years | $7,692 |
| 25 years | $10,514 |
Top Solar Installers in Covington
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a labor-intensive endeavor. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 want to invest in solar. There are a few key factors that affect your total cost in Covington: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,650.The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within 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 opt to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also increases your total costs, so it’s vital to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $3.80 | $15,943 | $4,250 | 19.7 years |
| 8 kW | $3.72 | $20,849 | $6,075 | 19.4 years |
| 10 kW | $3.65 | $25,550 | $8,105 | 19.0 years |
| 12 kW | $3.58 | $30,047 | $10,339 | 18.6 years |
| 14 kW | $3.50 | $34,339 | $12,778 | 18.2 years |
| 16 kW | $3.43 | $38,427 | $15,421 | 17.8 years |
| 18 kW | $3.36 | $42,311 | $18,268 | 17.5 years |
| 20 kW | $3.29 | $45,990 | $21,320 | 17.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the completion timeline.
- Warranty: If you’re worried about the longevity of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
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
How much does it cost to install solar panels in Covington?
The average cost of solar panels in Covington is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Covington?
You can’t get solar panels for free in Covington. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Covington, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.