Solar Panel Cost Guide in Hazard, KY (2023 Update)
- Hazard Solar Installation Cost: $15,889
- 25-Year Savings: $28,372
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hazard
We break down average solar pricing in Hazard.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hazard, the typical cost of a solar system is 2.34 per watt. Because a 9.7-kW system is needed to cover the energy usage of a typical home in Hazard, the average price of going solar will be about $15,889 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and the cost of going solar for you may differ based on your specific situation and what company you choose to go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on power bills.
You can click the button below to get connected with a top solar installer in Hazard that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hazard
| Year | Return on Investment |
|---|---|
| 1 years | $-14,118 |
| 3 years | $-10,577 |
| 5 years | $-7,036 |
| 7 years | $-3,496 |
| 9 years | $45 |
| 11 years | $3,586 |
| 13 years | $7,127 |
| 15 years | $10,668 |
| 17 years | $14,209 |
| 19 years | $17,750 |
| 21 years | $21,290 |
| 23 years | $24,831 |
| 25 years | $28,372 |
Top Solar Installers in Hazard
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using an installer can make your switch to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for you.
If you're on the hunt for a solar installer in Hazard, we've put together 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 Hazard
Factors that Affect Solar Panel Costs in Hazard
For many Hazard homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Hazard, with typical prices between $20,000 to $40,000. There are numerous factors that greatly 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 going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,340 per kilowatt in Hazard. The kind of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Hazard, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of loans, including the total 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 original 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 final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Hazard, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Hazard have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $17,153 | 9.3 years |
| 8 kW | $2.39 | $13,366 | $23,133 | 9.2 years |
| 10 kW | $2.34 | $16,380 | $29,243 | 9.0 years |
| 12 kW | $2.29 | $19,263 | $35,485 | 8.8 years |
| 14 kW | $2.25 | $22,015 | $41,858 | 8.6 years |
| 16 kW | $2.20 | $24,636 | $48,362 | 8.4 years |
| 18 kW | $2.15 | $27,125 | $54,997 | 8.3 years |
| 20 kW | $2.11 | $29,484 | $61,763 | 8.1 years |
How to Save on Solar Panels
The solar installer you opt for will influence 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 keep in mind, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project timeline rebates and warranties.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Different companies have different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
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 Hazard, KY Solar Cost FAQs
How much does it cost to install solar panels in Hazard?
The average cost of solar panels in Hazard is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Hazard, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 get between 20 and 35 panels to cover 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.