Solar Panel Cost Guide in Grayson, KY (Mar 2023)
- Grayson Solar Installation Cost: $15,839
- 25-Year Savings: $28,255
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Grayson
Let's take a look at the average cost of solar in Grayson.
The average cost of a solar system in Grayson is 2.34 per watt. To account for the typical energy needs of the average home in Grayson, most homeowners require a 9.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,839, or $22,650 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Grayson homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing solar panels is a sound investment. The average homeowner in Grayson can save about $17,000 on their energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Grayson
| Year | Return on Investment |
|---|---|
| 1 years | $-14,076 |
| 3 years | $-10,548 |
| 5 years | $-7,021 |
| 7 years | $-3,493 |
| 9 years | $35 |
| 11 years | $3,562 |
| 13 years | $7,090 |
| 15 years | $10,617 |
| 17 years | $14,145 |
| 19 years | $17,672 |
| 21 years | $21,200 |
| 23 years | $24,727 |
| 25 years | $28,255 |
Top Solar Installers in Grayson
Although it's possible to install solar panels on your own, it takes extra time and know-how. That's why almost all homeowners choose to go with a solar panel installer. The payback period on a solar system will vary depending on factors like your location and energy usage, but going with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some nearby:
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 Grayson
Factors that Affect Solar Panel Costs in Grayson
For many Grayson homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Grayson, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,340 per kilowatt in Grayson. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Grayson to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $17,135 | 9.3 years |
| 8 kW | $2.39 | $13,366 | $23,108 | 9.2 years |
| 10 kW | $2.34 | $16,380 | $29,213 | 9.0 years |
| 12 kW | $2.29 | $19,263 | $35,448 | 8.8 years |
| 14 kW | $2.25 | $22,015 | $41,815 | 8.6 years |
| 16 kW | $2.20 | $24,636 | $48,313 | 8.4 years |
| 18 kW | $2.15 | $27,125 | $54,942 | 8.3 years |
| 20 kW | $2.11 | $29,484 | $61,702 | 8.1 years |
How to Save on Solar Panels
The solar company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Grayson, KY Solar Cost FAQs
What is the average cost of installing solar panels in Grayson?
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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Grayson?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last 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 higher 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.