Solar Panel Cost Guide in Florence, KY (2023 Update)
- Florence Solar Installation Cost: $15,837
- 25-Year Savings: $20,547
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Florence
Let's take a look at the average cost of solar panels in Florence.
Although the national average of solar panels is $2.66 per watt, solar panels in Florence generally cost about 2.34. Using this figure, a typical 9.7-kW system would cost about $15,839 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you choose to go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Florence can save around $14,000 on their power bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Florence
| Year | Return on Investment |
|---|---|
| 1 years | $-15,716 |
| 3 years | $-15,473 |
| 5 years | $-15,231 |
| 7 years | $-14,988 |
| 9 years | $-14,746 |
| 11 years | $-14,503 |
| 13 years | $-14,261 |
| 15 years | $-14,018 |
| 17 years | $-13,776 |
| 19 years | $-13,533 |
| 21 years | $-13,290 |
| 23 years | $-13,048 |
| 25 years | $-12,805 |
Top Solar Installers in Florence
Many homeowners opt for a solar installer since trying to install solar panels on your own can be a labor-intensive endeavor. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for your home.
If you're on the hunt for a solar company in Florence, we've organized a list of our top suggestions here:
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 Florence
Factors that Affect Solar Panel Costs in Florence
For many Florence homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Florence, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few 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 use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Florence, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Florence, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Florence, you'll have many options to choose from, but each comes at various price points for labor and equipment. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $12,357 | 11.3 years |
| 8 kW | $2.39 | $13,366 | $16,739 | 11.1 years |
| 10 kW | $2.34 | $16,380 | $21,251 | 10.9 years |
| 12 kW | $2.29 | $19,263 | $25,894 | 10.7 years |
| 14 kW | $2.25 | $22,015 | $30,669 | 10.4 years |
| 16 kW | $2.20 | $24,636 | $35,574 | 10.2 years |
| 18 kW | $2.15 | $27,125 | $40,610 | 10.0 years |
| 20 kW | $2.11 | $29,484 | $45,778 | 9.8 years |
How to Save on Solar Panels
There are many companies to choose from in Florence, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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 Florence, KY Solar Cost FAQs
How much does it cost to install solar panels in Florence?
This is a difficult question to answer precisely, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Florence?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.