Solar Panel Cost Guide in Fort Wright, KY (Mar 2023)
- Fort Wright Solar Installation Cost: $15,872
- 25-Year Savings: $19,600
- Payback Period: 11.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Fort Wright
Find out what the average cost of a solar system is in Fort Wright.
The average cost of a solar system in Fort Wright is 2.34 per watt. The average Fort Wright homeowner needs a 9.7-kilowatt system, which would cost about $15,872 with the federal tax credit, or $22,697 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar system you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Fort Wright that can help you get a more accurate cost estimate for your home.
Solar savings over time in Fort Wright
| Year | Return on Investment |
|---|---|
| 1 years | $-14,453 |
| 3 years | $-11,616 |
| 5 years | $-8,778 |
| 7 years | $-5,940 |
| 9 years | $-3,102 |
| 11 years | $-264 |
| 13 years | $2,573 |
| 15 years | $5,411 |
| 17 years | $8,249 |
| 19 years | $11,087 |
| 21 years | $13,925 |
| 23 years | $16,762 |
| 25 years | $19,600 |
Top Solar Installers in Fort Wright
Although it's possible to install solar panels yourself, it requires extra time and knowledge. For that reason, most homeowners choose a solar panel installer. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what type of solar equipment you need.
If you're on the hunt for a solar installer in Fort Wright, the EcoWatch team has compiled 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 (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 Wright
Factors that Affect Solar Panel Costs in Fort Wright
There are many criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Fort Wright, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,340 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Fort Wright, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar installers in Fort Wright have solar loans, which reduce your upfront costs of installing solar. Even though solar loans make switching to solar energy more accessible for Fort Wright homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $11,743 | 11.6 years |
| 8 kW | $2.39 | $13,366 | $15,920 | 11.4 years |
| 10 kW | $2.34 | $16,380 | $20,227 | 11.2 years |
| 12 kW | $2.29 | $19,263 | $24,666 | 11.0 years |
| 14 kW | $2.25 | $22,015 | $29,236 | 10.7 years |
| 16 kW | $2.20 | $24,636 | $33,936 | 10.5 years |
| 18 kW | $2.15 | $27,125 | $38,768 | 10.3 years |
| 20 kW | $2.11 | $29,484 | $43,731 | 10.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Long-running companies likely have a high 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: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
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 Wright, KY Solar Cost FAQs
What is the average cost of installing solar panels in Fort Wright?
This is a tough 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Fort Wright?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on energy bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Fort Wright, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.