Solar Panel Cost Guide in Grayson, KY (2023 Update)
- Grayson Solar Installation Cost: $15,842
- 25-Year Savings: $28,253
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Grayson
See how much it might cost to make the switch to solar in Grayson.
The average cost of solar panels in Grayson is 2.34 per watt. To cover 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. With average savings of about $17,000 on power bills over 20 years, many homeowners in Grayson find going solar has a decent ROI.
To receive a free estimate from a highly rated solar company in Grayson, you can click the button below.
Solar savings over time in Grayson
| Year | Return on Investment |
|---|---|
| 1 years | $-14,293 |
| 3 years | $-11,195 |
| 5 years | $-8,098 |
| 7 years | $-5,001 |
| 9 years | $-1,903 |
| 11 years | $1,194 |
| 13 years | $4,292 |
| 15 years | $7,389 |
| 17 years | $10,487 |
| 19 years | $13,584 |
| 21 years | $16,682 |
| 23 years | $19,779 |
| 25 years | $22,877 |
Top Solar Installers in Grayson
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make switching to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your location and energy usage, but going with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
If you're searching for a solar installer in Grayson, we've 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
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
The cost of installing a solar system in Grayson can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over five to seven years on average. 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Grayson, and each can charge varying amounts for labor and equipment. Additionally, some companies in Grayson have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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
Since the brand of solar panels and the installation company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project 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.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
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 Grayson, KY Solar Cost FAQs
What is the average cost of installing solar panels in Grayson?
The average cost of solar panels in Grayson 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Grayson?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 savings from going solar.
Do solar panels increase your property value?
Solar panels can increase your property's value remarkably 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 a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 get 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.