Solar Panel Cost Guide in Danville, KY (2024 Update)
- Danville Solar Installation Cost: $24,518
- 25-Year Savings: $23,988
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Danville
Find out what the average cost of a solar system is in Danville.
In Danville, solar panels cost about 4 per watt on average.The average Danville homeowner needs a 9.6-kilowatt system, which would cost about $24,518 with the federal tax credit, or $35,061 before the 0 tax credit is applied.
These figures are just estimates, and how much solar costs for you will look different based on factors unique to your home and what company you go with.Even with the significant upfront cost, the average Danville homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Danville
| Year | Return on Investment |
|---|---|
| 1 years | $-23,139 |
| 3 years | $-20,381 |
| 5 years | $-17,623 |
| 7 years | $-14,865 |
| 9 years | $-12,108 |
| 11 years | $-9,350 |
| 13 years | $-6,592 |
| 15 years | $-3,834 |
| 17 years | $-1,077 |
| 19 years | $1,681 |
| 21 years | $4,439 |
| 23 years | $7,197 |
| 25 years | $9,954 |
Top Solar Installers in Danville
When switching to solar energy, many homeowners prefer to hire a solar installation company since putting up a solar system yourself can be a difficult project. Solar warranties and repairs are usually included in the cost of installation when you opt for a solar contractor too, which can save you more money after your initial investment.
If you're on the hunt for a solar company in Danville, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Danville
Factors that Affect Solar Panel Costs in Danville
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Danville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,650. There are many different solar panel brands and the one you pick also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Even though solar loans make adopting solar energy more accessible for Danville homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Danville know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $8,884 | 16.1 years |
| 8 kW | $3.72 | $20,849 | $12,254 | 15.7 years |
| 10 kW | $3.65 | $25,550 | $15,828 | 15.4 years |
| 12 kW | $3.58 | $30,047 | $19,607 | 15.1 years |
| 14 kW | $3.50 | $34,339 | $23,590 | 14.8 years |
| 16 kW | $3.43 | $38,427 | $27,778 | 14.5 years |
| 18 kW | $3.36 | $42,311 | $32,170 | 14.2 years |
| 20 kW | $3.29 | $45,990 | $36,766 | 13.9 years |
How to Save on Solar Panels
The solar installer you choose will influence 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 several important things you should consider, such as:
- Contract: It’s important to read through your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Danville, KY Solar Cost FAQs
What is the average cost of installing solar panels in Danville?
The average cost of solar panels in Danville 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 like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Danville?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $827.56 per year.
How long do solar panels last in Danville?
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.