Solar Panel Cost Guide in Lawrenceburg, KY (2023 Update)
- Lawrenceburg Solar Installation Cost: $15,774
- 25-Year Savings: $22,025
- Payback Period: 10.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lawrenceburg
See how much it might cost to switch to solar power in Lawrenceburg.
Although the national average of solar panels is $2.66 per watt, solar panels in Lawrenceburg generally cost about 2.34. The average solar panel system size in Lawrenceburg is around 9.6 kilowatts, meaning a cost of about $15,774 for a solar installation, or $22,557 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more. Despite the high initial cost, the average Lawrenceburg homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar panel company in Lawrenceburg for a customized estimate.
Solar savings over time in Lawrenceburg
| Year | Return on Investment |
|---|---|
| 1 years | $-14,262 |
| 3 years | $-11,238 |
| 5 years | $-8,214 |
| 7 years | $-5,190 |
| 9 years | $-2,166 |
| 11 years | $858 |
| 13 years | $3,881 |
| 15 years | $6,905 |
| 17 years | $9,929 |
| 19 years | $12,953 |
| 21 years | $15,977 |
| 23 years | $19,001 |
| 25 years | $22,025 |
Top Solar Installers in Lawrenceburg
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make swapping over to solar power much easier. Another advantage of going with a solar company is that they can help you make the most of your return of investment by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you're on the hunt for a solar installer in Lawrenceburg, the EcoWatch team has organized 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 Lawrenceburg
Factors that Affect Solar Panel Costs in Lawrenceburg
Even though the average cost of a solar system in Lawrenceburg is $15,774, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,340. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Lawrenceburg, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of 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. Thankfully, nearly every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest. 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 can only 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 securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer you choose will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Lawrenceburg know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $13,340 | 10.8 years |
| 8 kW | $2.39 | $13,366 | $18,049 | 10.6 years |
| 10 kW | $2.34 | $16,380 | $22,888 | 10.4 years |
| 12 kW | $2.29 | $19,263 | $27,859 | 10.2 years |
| 14 kW | $2.25 | $22,015 | $32,961 | 10.0 years |
| 16 kW | $2.20 | $24,636 | $38,194 | 9.8 years |
| 18 kW | $2.15 | $27,125 | $43,558 | 9.6 years |
| 20 kW | $2.11 | $29,484 | $49,053 | 9.4 years |
How to Save on Solar Panels
The solar company you go with will affect 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 some important things you should take into account, such as:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: The type of solar panel you need to get plays a role in which installer you should go with, since different companies offer different panels.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job 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
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 $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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lawrenceburg?
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 can't take advantage of 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.
Can solar panels eliminate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lawrenceburg, 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 Lawrenceburg?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.