Solar Panel Cost Guide in Henderson, KY (2023 Update)
- Henderson Solar Installation Cost: $15,390
- 25-Year Savings: $28,043
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Henderson
We break down average solar pricing in Henderson.
In Henderson, solar panels cost about 2.34 per watt on average. To cover the typical energy needs of the average home in Henderson, most homeowners require a 9.4-kilowatt system. Using the figure above, a solar installation costs about $15,397, or $22,018 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on your energy needs and what company you want to go with. Despite the significant upfront cost, the average Henderson homeowner can save about $18,000 on their power bills over 20 years, which is one of the benefits of solar.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Henderson
| Year | Return on Investment |
|---|---|
| 1 years | $-15,245 |
| 3 years | $-14,955 |
| 5 years | $-14,666 |
| 7 years | $-14,376 |
| 9 years | $-14,087 |
| 11 years | $-13,797 |
| 13 years | $-13,508 |
| 15 years | $-13,218 |
| 17 years | $-12,928 |
| 19 years | $-12,639 |
| 21 years | $-12,349 |
| 23 years | $-12,060 |
| 25 years | $-11,770 |
Top Solar Installers in Henderson
Many homeowners opt for a solar installation company since figuring out how to install solar panels on your own can be time-consuming. Some solar installers, especially local ones, can help you better understand incentives in Henderson, optimizing your ROI.
If you're looking for a solar company in Henderson, 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 Henderson
Factors that Affect Solar Panel Costs in Henderson
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Henderson: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,340. The kind of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond 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 researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Henderson, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Henderson is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you'll have many options for solar installers that provide a range of services at different costs. 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 cost more. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also is 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 | $17,515 | 9.2 years |
| 8 kW | $2.39 | $13,366 | $23,616 | 9.0 years |
| 10 kW | $2.34 | $16,380 | $29,847 | 8.9 years |
| 12 kW | $2.29 | $19,263 | $36,210 | 8.7 years |
| 14 kW | $2.25 | $22,015 | $42,704 | 8.5 years |
| 16 kW | $2.20 | $24,636 | $49,328 | 8.3 years |
| 18 kW | $2.15 | $27,125 | $56,084 | 8.1 years |
| 20 kW | $2.11 | $29,484 | $62,971 | 8.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- 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.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you want a specific brand, make sure the solar installer 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 Henderson, KY Solar Cost FAQs
What is the average cost of installing solar panels in Henderson?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Henderson, 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 check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Henderson?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.