Solar Panel Cost Guide in Fort Thomas, KY (2024 Update)
- Fort Thomas Solar Installation Cost: $24,826
- 25-Year Savings: $15,909
- Payback Period: 19.5 Years
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Average Cost of Solar Panels in Fort Thomas
Let’s take a look at the average cost of solar panels in Fort Thomas.
Although the national average of solar panels is $2.66 per watt, solar panels in Fort Thomas typically cost around 4.Using this figure, a typical 9.7-kW system would cost about $24,826 before the 0 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 use, the type of equipment you choose, your solar contractor and more.Even with the significant upfront cost, the average Fort Thomas homeowner can save about $12,000 on their electricity bills over 20 years, which is one of the positives of solar.
To get a free quote from a highly rated solar installation company in Fort Thomas, you can click the button below.
Solar savings over time in Fort Thomas
| Year | Return on Investment |
|---|---|
| 1 years | $-23,632 |
| 3 years | $-21,242 |
| 5 years | $-18,853 |
| 7 years | $-16,464 |
| 9 years | $-14,075 |
| 11 years | $-11,685 |
| 13 years | $-9,296 |
| 15 years | $-6,907 |
| 17 years | $-4,518 |
| 19 years | $-2,128 |
| 21 years | $261 |
| 23 years | $2,650 |
| 25 years | $5,040 |
Top Solar Installers in Fort Thomas
Installing solar panels by yourself can be a difficult project, which is why using a solar installation company is a good option for many homeowners. Plus, if you aren’t sure what type of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a professional solar company 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
See all of the solar companies in Fort Thomas
Factors that Affect Solar Panel Costs in Fort Thomas
Although the average cost of a solar system in Fort Thomas is $24,826, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Fort Thomas, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Fort Thomas homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Fort Thomas, and each can charge different amounts for labor and equipment.Additionally, some companies in Fort Thomas know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $3.80 | $15,943 | $3,708 | 20.3 years |
| 8 kW | $3.72 | $20,849 | $5,353 | 19.9 years |
| 10 kW | $3.65 | $25,550 | $7,202 | 19.5 years |
| 12 kW | $3.58 | $30,047 | $9,256 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,514 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $13,977 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,644 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,515 | 17.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Fort Thomas, KY Solar Cost FAQs
How much does it cost to install solar panels in Fort Thomas?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally 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 more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Fort Thomas?
You can’t get solar panels for free in Fort Thomas. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase your property value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.