Solar Panel Cost Guide in Georgetown, KY (2023 Update)
- Georgetown Solar Installation Cost: $15,807
- 25-Year Savings: $23,678
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Georgetown
Find out what the average cost of installing solar panels is in Georgetown.
The national average cost of solar panels is $2.66 per watt, but in Georgetown it's 2.34 per watt. To account for the typical energy needs of the average home in Georgetown, most homeowners require a 9.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,807, or $22,604 before the federal solar tax credit of 30% is applied.
Remember 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 needs, the type of equipment you choose, your solar contractor and more. Even with the significant upfront cost, the average Georgetown homeowner can save about $16,000 on their energy bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Georgetown
| Year | Return on Investment |
|---|---|
| 1 years | $-14,227 |
| 3 years | $-11,068 |
| 5 years | $-7,910 |
| 7 years | $-4,751 |
| 9 years | $-1,592 |
| 11 years | $1,567 |
| 13 years | $4,726 |
| 15 years | $7,884 |
| 17 years | $11,043 |
| 19 years | $14,202 |
| 21 years | $17,361 |
| 23 years | $20,520 |
| 25 years | $23,678 |
Top Solar Installers in Georgetown
Putting up solar panels yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be valuable as well, particularly if you aren't sure what brand of solar equipment you need.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Georgetown
Factors that Affect Solar Panel Costs in Georgetown
The cost of installing a solar system in Georgetown can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. The model of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Georgetown homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's wise 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 final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Georgetown, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $14,326 | 10.4 years |
| 8 kW | $2.39 | $13,366 | $19,364 | 10.2 years |
| 10 kW | $2.34 | $16,380 | $24,532 | 10.0 years |
| 12 kW | $2.29 | $19,263 | $29,832 | 9.8 years |
| 14 kW | $2.25 | $22,015 | $35,262 | 9.6 years |
| 16 kW | $2.20 | $24,636 | $40,824 | 9.4 years |
| 18 kW | $2.15 | $27,125 | $46,516 | 9.2 years |
| 20 kW | $2.11 | $29,484 | $52,340 | 9.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
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 Georgetown, KY Solar Cost FAQs
What is the average cost of installing solar panels in Georgetown?
The average cost of solar panels in Georgetown 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 like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Georgetown?
You can't get solar panels for free in Georgetown. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a 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 account for 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.