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.
The average cost of a solar panel system in Lawrenceburg is 4 per watt.The average Lawrenceburg homeowner needs a 9.6-kilowatt system, which would cost about $24,594 with the federal tax credit, or $35,169 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar panels you want, your solar contractor and more.Despite the large initial cost, the average Lawrenceburg homeowner can save about $15,000 on their electricity bills over 20 years, which is one of the positives of solar.
To receive a free quote from a pre-vetted solar company in Lawrenceburg, you can 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
Putting up solar panels on your own can be a stressful task, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you’re unsure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you’d like to go solar but still aren’t certain which solar panel company to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lawrenceburg
Factors that Affect Solar Panel Costs in Lawrenceburg
There are many criteria that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The model of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Lawrenceburg, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lawrenceburg, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lawrenceburg, KY Solar Cost FAQs
How much does it cost to install 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 actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lawrenceburg?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Lawrenceburg, 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 contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.