Solar Panel Cost Guide in Fort Thomas, KY (Mar 2023)
- Fort Thomas Solar Installation Cost: $15,921
- 25-Year Savings: $15,904
- Payback Period: 12.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Fort Thomas
Find out what the average cost of solar panels are in Fort Thomas.
In Fort Thomas, solar panels cost about 2.34 per watt on average. Since a 9.7-kW system is needed to cover the energy usage of a typical home in Fort Thomas, the average price of going solar will be about $15,921 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Fort Thomas depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire. For many homeowners, the upfront investment in solar power is worth paying. On average Fort Thomas homeowners see about $12,000 in savings on electricity bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Fort Thomas
| Year | Return on Investment |
|---|---|
| 1 years | $-14,648 |
| 3 years | $-12,102 |
| 5 years | $-9,556 |
| 7 years | $-7,010 |
| 9 years | $-4,464 |
| 11 years | $-1,918 |
| 13 years | $628 |
| 15 years | $3,174 |
| 17 years | $5,720 |
| 19 years | $8,266 |
| 21 years | $10,812 |
| 23 years | $13,358 |
| 25 years | $15,904 |
Top Solar Installers in Fort Thomas
Many homeowners decide to use a solar installer since figuring out how to install solar panels on your own can be a lot of work. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels 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 Fort Thomas
Factors that Affect Solar Panel Costs in Fort Thomas
For many Fort Thomas homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Fort Thomas, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,340 per kilowatt in Fort Thomas. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Fort Thomas to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest. However, the interest on solar loans also increases your overall costs, so it's vital to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Fort Thomas, you'll have many options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $9,430 | 13.0 years |
| 8 kW | $2.39 | $13,366 | $12,836 | 12.8 years |
| 10 kW | $2.34 | $16,380 | $16,372 | 12.5 years |
| 12 kW | $2.29 | $19,263 | $20,040 | 12.3 years |
| 14 kW | $2.25 | $22,015 | $23,839 | 12.0 years |
| 16 kW | $2.20 | $24,636 | $27,768 | 11.8 years |
| 18 kW | $2.15 | $27,125 | $31,829 | 11.5 years |
| 20 kW | $2.11 | $29,484 | $36,021 | 11.3 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly influences 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:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Different companies offer various brands and types of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
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 Fort Thomas, KY Solar Cost FAQs
What is the average cost of installing solar panels in Fort Thomas?
This is a hard question to answer precisely, because the cost depends on many 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Fort Thomas?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can you sell solar power back to the grid in Fort Thomas?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Fort Thomas?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.