Solar Panel Cost Guide in Elsmere, KY (2024 Update)
- Elsmere Solar Installation Cost: $24,758
- 25-Year Savings: $20,512
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Elsmere
Find out what the average cost of solar panel installation is in Elsmere.
The national average cost of solar panels is $2.66 per watt, but in Elsmere it’s 4 per watt.To account for the typical energy needs of the average home in Elsmere, most homeowners require a 9.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $24,758, or $35,404 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what company you go with.Even with the high initial cost, the average Elsmere homeowner can save about $14,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer in Elsmere for a quote for your home.
Solar savings over time in Elsmere
| Year | Return on Investment |
|---|---|
| 1 years | $-23,563 |
| 3 years | $-21,174 |
| 5 years | $-18,785 |
| 7 years | $-16,395 |
| 9 years | $-14,006 |
| 11 years | $-11,617 |
| 13 years | $-9,227 |
| 15 years | $-6,838 |
| 17 years | $-4,449 |
| 19 years | $-2,060 |
| 21 years | $330 |
| 23 years | $2,719 |
| 25 years | $5,108 |
Top Solar Installers in Elsmere
Although you can install solar panels by yourself, it involves extra time and expertise. Because of that, most homeowners choose a solar panel installer. The payback period of solar panels will vary depending on factors like your location and energy consumption, but going with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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 Elsmere
Factors that Affect Solar Panel Costs in Elsmere
For many Elsmere homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Elsmere, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $3,650 per kilowatt in Elsmere.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Elsmere, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s crucial to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating in Elsmere, and each can charge varying amounts for labor and equipment.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $6,586 | 17.7 years |
| 8 kW | $3.72 | $20,849 | $9,190 | 17.4 years |
| 10 kW | $3.65 | $25,550 | $11,998 | 17.0 years |
| 12 kW | $3.58 | $30,047 | $15,011 | 16.7 years |
| 14 kW | $3.50 | $34,339 | $18,229 | 16.3 years |
| 16 kW | $3.43 | $38,427 | $21,650 | 16.0 years |
| 18 kW | $3.36 | $42,311 | $25,276 | 15.7 years |
| 20 kW | $3.29 | $45,990 | $29,107 | 15.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
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 Elsmere, KY Solar Cost FAQs
What is the average cost of installing solar panels in Elsmere?
The average cost of solar panels in Elsmere 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Elsmere?
You can’t get solar panels for free in Elsmere. However, you may still be able to get 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 power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $750.97 per year.
How long do solar panels last in Elsmere?
On average, solar panels can last 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.