Solar Panel Cost Guide in Hendron, KY (2023 Update)
- Hendron Solar Installation Cost: $15,119
- 25-Year Savings: $32,956
- Payback Period: 7.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hendron
Let's take a look at the average cost of solar panels in Hendron.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hendron, the average cost of a solar system is 2.34 per watt. To cover the typical energy needs of the average home in Hendron, most homeowners require a 9.2-kilowatt system. Using the figure above, a solar installation costs about $15,119, or $21,620 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar panels you want, your solar contractor and more. Even with the significant initial cost, the average Hendron homeowner can save around $20,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hendron
| Year | Return on Investment |
|---|---|
| 1 years | $-13,196 |
| 3 years | $-9,350 |
| 5 years | $-5,504 |
| 7 years | $-1,658 |
| 9 years | $2,188 |
| 11 years | $6,034 |
| 13 years | $9,880 |
| 15 years | $13,726 |
| 17 years | $17,572 |
| 19 years | $21,418 |
| 21 years | $25,264 |
| 23 years | $29,110 |
| 25 years | $32,956 |
Top Solar Installers in Hendron
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a lot of work. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a professional solar company 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 Hendron
Factors that Affect Solar Panel Costs in Hendron
Even though the average cost of a solar system in Hendron is $15,119, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels 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 spend around $2,340 per kilowatt in Hendron. There are many different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your total costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Hendron is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that offer a range of services at different price points. Additionally, some companies in Hendron 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 | $21,026 | 8.2 years |
| 8 kW | $2.39 | $13,366 | $28,297 | 8.0 years |
| 10 kW | $2.34 | $16,380 | $35,699 | 7.9 years |
| 12 kW | $2.29 | $19,263 | $43,232 | 7.7 years |
| 14 kW | $2.25 | $22,015 | $50,896 | 7.5 years |
| 16 kW | $2.20 | $24,636 | $58,691 | 7.4 years |
| 18 kW | $2.15 | $27,125 | $66,617 | 7.2 years |
| 20 kW | $2.11 | $29,484 | $74,674 | 7.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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 Hendron, KY Solar Cost FAQs
How much does it cost to install solar panels in Hendron?
This is a difficult question to answer exactly, 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Hendron?
Leasing solar panels can be an option if you can't afford to 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 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 financial benefits from going solar.
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 power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Hendron?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.