Solar Panel Cost Guide in Lawrenceburg, KY (2024 Update)
- Lawrenceburg Solar Installation Cost: $24,594
- 25-Year Savings: $22,032
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Lawrenceburg
Let’s take a look at the average cost of solar panels in Lawrenceburg.
Although the national average of solar panels is $2.66 per watt, solar panels in Lawrenceburg typically cost about 4.Since a 9.6-kW system is needed to cover the energy consumption of a typical home in Lawrenceburg, the average price of going solar will be about $24,594 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Lawrenceburg homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $15,000 on electricity bills over 20 years, many homeowners in Lawrenceburg find installing solar panels can be quite rewarding.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lawrenceburg
| Year | Return on Investment |
|---|---|
| 1 years | $-23,215 |
| 3 years | $-20,457 |
| 5 years | $-17,699 |
| 7 years | $-14,941 |
| 9 years | $-12,184 |
| 11 years | $-9,426 |
| 13 years | $-6,668 |
| 15 years | $-3,910 |
| 17 years | $-1,153 |
| 19 years | $1,605 |
| 21 years | $4,363 |
| 23 years | $7,121 |
| 25 years | $9,879 |
Top Solar Installers in Lawrenceburg
Many homeowners choose to hire a solar installation company since installing solar panels yourself can be time-consuming. The expertise that solar installers offer can be valuable as well, particularly if you don’t quite know what brand of solar equipment you need.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Lawrenceburg
Factors that Affect Solar Panel Costs in Lawrenceburg
There are many criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 $3,650 per kilowatt in Lawrenceburg.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lawrenceburg, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lawrenceburg to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $7,618 | 16.9 years |
| 8 kW | $3.72 | $20,849 | $10,566 | 16.6 years |
| 10 kW | $3.65 | $25,550 | $13,718 | 16.3 years |
| 12 kW | $3.58 | $30,047 | $17,075 | 15.9 years |
| 14 kW | $3.50 | $34,339 | $20,637 | 15.6 years |
| 16 kW | $3.43 | $38,427 | $24,402 | 15.3 years |
| 18 kW | $3.36 | $42,311 | $28,372 | 15.0 years |
| 20 kW | $3.29 | $45,990 | $32,547 | 14.6 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: Your solar installer should have a sound 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.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Lawrenceburg, KY Solar Cost FAQs
What is the average cost of installing solar panels in Lawrenceburg?
The average cost of solar panels in Lawrenceburg is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lawrenceburg?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $785.37 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.