Solar Panel Cost Guide in Florence, KY (Mar 2023)
- Florence Solar Installation Cost: $15,839
- 25-Year Savings: $20,545
- Payback Period: 10.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Florence
Let's have a look at the average cost of solar panels in Florence.
The average cost of a solar panel system in Florence is 2.34 per watt. The average solar panel system size in Florence is around 9.7 kilowatts, meaning a cost of about $15,839 for a solar installation, or $22,650 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Florence find installing solar panels has a decent ROI.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Florence
| Year | Return on Investment |
|---|---|
| 1 years | $-14,384 |
| 3 years | $-11,473 |
| 5 years | $-8,563 |
| 7 years | $-5,652 |
| 9 years | $-2,741 |
| 11 years | $170 |
| 13 years | $3,080 |
| 15 years | $5,991 |
| 17 years | $8,902 |
| 19 years | $11,813 |
| 21 years | $14,724 |
| 23 years | $17,634 |
| 25 years | $20,545 |
Top Solar Installers in Florence
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of an installer can make switching to solar power much easier. Plus, if you're unsure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
Though the average cost of a solar system in Florence is $15,839, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, 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 nearly $2,340. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Florence homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Florence is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Florence have more knowledge 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 end up saving you 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 | $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 numerous companies to choose from in Florence, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: The type of solar panel you want plays a role in which company you should go with, since different companies have different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Read the contract terms closely to make sure you understand the overall cost, completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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?
The average cost of solar panels in Florence is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can solar panels significantly reduce my power bills?
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 $752.62 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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 install 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.