Solar Panel Cost Guide in Florence, KY (2024 Update)
- Florence Solar Installation Cost: $24,703
- 25-Year Savings: $20,547
- Payback Period: 17.0 Years
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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.
In Florence, solar panels cost about 4 per watt on average.Because a 9.7-kW system is needed to cover the energy consumption of a typical home in Florence, the average price of going solar will be about $24,703 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with.Even with the large initial cost, the average Florence homeowner can save around $14,000 on their power bills over 20 years, which is one of the advantages of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Florence
| Year | Return on Investment |
|---|---|
| 1 years | $-23,509 |
| 3 years | $-21,120 |
| 5 years | $-18,730 |
| 7 years | $-16,341 |
| 9 years | $-13,952 |
| 11 years | $-11,562 |
| 13 years | $-9,173 |
| 15 years | $-6,784 |
| 17 years | $-4,395 |
| 19 years | $-2,005 |
| 21 years | $384 |
| 23 years | $2,773 |
| 25 years | $5,162 |
Top Solar Installers in Florence
Many homeowners opt for a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Solar warranties and repairs are usually included in the cost of installation when you go with a solar company as well, which can save you more money over time.
If you're on the hunt for a solar installer in Florence, we've put together 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 install a solar energy system depends on 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 several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Florence, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $3,650 for each additional kilowatt you need.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Florence average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, 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 installer you pick will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $6,635 | 17.7 years |
| 8 kW | $3.72 | $20,849 | $9,256 | 17.3 years |
| 10 kW | $3.65 | $25,550 | $12,081 | 17.0 years |
| 12 kW | $3.58 | $30,047 | $15,110 | 16.6 years |
| 14 kW | $3.50 | $34,339 | $18,344 | 16.3 years |
| 16 kW | $3.43 | $38,427 | $21,782 | 16.0 years |
| 18 kW | $3.36 | $42,311 | $25,425 | 15.6 years |
| 20 kW | $3.29 | $45,990 | $29,272 | 15.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a part in which company you should opt for, since different companies provide different panels.
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 hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is it worth going solar in Florence?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having 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.