Solar Panel Cost Guide in Cynthiana, KY (2023 Update)
- Cynthiana Solar Installation Cost: $15,830
- 25-Year Savings: $22,926
- Payback Period: 10.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cynthiana
We go over average solar pricing in Cynthiana.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cynthiana, the average cost of a solar system is 2.34 per watt. The average Cynthiana homeowner needs a 9.7-kilowatt system, which would cost about $15,823 with the federal tax credit, or $22,627 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar system you want, your solar contractor and more. Even with the large upfront cost, the average Cynthiana homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To receive a free quote from a top solar installer in Cynthiana, you can click the button below.
Solar savings over time in Cynthiana
| Year | Return on Investment |
|---|---|
| 1 years | $-14,451 |
| 3 years | $-11,693 |
| 5 years | $-8,935 |
| 7 years | $-6,177 |
| 9 years | $-3,420 |
| 11 years | $-662 |
| 13 years | $2,096 |
| 15 years | $4,854 |
| 17 years | $7,611 |
| 19 years | $10,369 |
| 21 years | $13,127 |
| 23 years | $15,885 |
| 25 years | $18,642 |
Top Solar Installers in Cynthiana
Trying to put up solar panels on your own can be a dangerous task, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you aren't sure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar company to go with, here are our recommendations for providers in Cynthiana:
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 Cynthiana
Factors that Affect Solar Panel Costs in Cynthiana
While the average cost of a solar system in Cynthiana is $15,823, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,340. The brand of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Cynthiana homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will impact your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $2.43 | $10,221 | $13,840 | 10.6 years |
| 8 kW | $2.39 | $13,366 | $18,716 | 10.4 years |
| 10 kW | $2.34 | $16,380 | $23,723 | 10.2 years |
| 12 kW | $2.29 | $19,263 | $28,860 | 10.0 years |
| 14 kW | $2.25 | $22,015 | $34,129 | 9.8 years |
| 16 kW | $2.20 | $24,636 | $39,529 | 9.6 years |
| 18 kW | $2.15 | $27,125 | $45,059 | 9.4 years |
| 20 kW | $2.11 | $29,484 | $50,721 | 9.2 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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 the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When making the switch to solar, it's necessary to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project completion timeline.
- Contract: Review the contract terms thoroughly to make sure you understand the overall cost, project completion 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 Cynthiana, KY Solar Cost FAQs
What is the average cost of installing solar panels in Cynthiana?
This is a hard question to answer precisely, because the cost depends on many 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 higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go 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 a solar system."
How long do solar panels last in Cynthiana?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.