Solar Panel Cost Guide in Elsmere, KY (2023 Update)
- Elsmere Solar Installation Cost: $15,872
- 25-Year Savings: $20,512
- Payback Period: 10.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elsmere
See how much it might cost to make the switch to solar in Elsmere.
The national average cost of solar panels is $2.66 per watt, but in Elsmere it's 2.34 per watt. Since a 9.7-kW system is needed to cover the energy consumption of a typical home in Elsmere, the average price of going solar will be about $15,872 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Elsmere homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on electricity bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Elsmere
| Year | Return on Investment |
|---|---|
| 1 years | $-14,417 |
| 3 years | $-11,506 |
| 5 years | $-8,595 |
| 7 years | $-5,685 |
| 9 years | $-2,774 |
| 11 years | $137 |
| 13 years | $3,048 |
| 15 years | $5,958 |
| 17 years | $8,869 |
| 19 years | $11,780 |
| 21 years | $14,691 |
| 23 years | $17,602 |
| 25 years | $20,512 |
Top Solar Installers in Elsmere
When going solar, many homeowners choose to hire a solar installation company since installing a solar system yourself can be a time-consuming project. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar installer can help you make the most of your investment in solar. 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 solar panels rests on 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 a number of factors that significantly 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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,340 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Elsmere to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. However, the interest on solar loans also increases your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact how much you pay. Elsmere's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $12,308 | 11.3 years |
| 8 kW | $2.39 | $13,366 | $16,673 | 11.1 years |
| 10 kW | $2.34 | $16,380 | $21,168 | 10.9 years |
| 12 kW | $2.29 | $19,263 | $25,795 | 10.7 years |
| 14 kW | $2.25 | $22,015 | $30,553 | 10.5 years |
| 16 kW | $2.20 | $24,636 | $35,442 | 10.3 years |
| 18 kW | $2.15 | $27,125 | $40,462 | 10.0 years |
| 20 kW | $2.11 | $29,484 | $45,613 | 9.8 years |
How to Save on Solar Panels
There are numerous companies to choose from in Elsmere, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The kind of solar panel you'd like to install plays a part in which company you should opt for, since different companies offer different panels.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
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
How much does it cost to install solar panels in Elsmere?
This is a difficult question to answer precisely, because the cost depends on a variety of 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Elsmere?
You can't get solar panels for free in Elsmere. 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 power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.