Solar Panel Cost Guide in Lebanon, KY (2024 Update)
- Lebanon Solar Installation Cost: $24,470
- 25-Year Savings: $21,633
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Lebanon
See how much it might cost to make the switch to solar in Lebanon.
The national average cost of solar panels is $2.66 per watt, but in Lebanon it’s 4 per watt.Because a 9.6-kW system is needed to cover the energy costs of a typical home in Lebanon, the average price of going solar will be about $24,470 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of Lebanon homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Lebanon find installing solar panels has a decent ROI.
To get a free estimate from a pre-vetted solar installer in Lebanon, you can click the button below.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-23,091 |
| 3 years | $-20,334 |
| 5 years | $-17,576 |
| 7 years | $-14,818 |
| 9 years | $-12,060 |
| 11 years | $-9,302 |
| 13 years | $-6,545 |
| 15 years | $-3,787 |
| 17 years | $-1,029 |
| 19 years | $1,729 |
| 21 years | $4,486 |
| 23 years | $7,244 |
| 25 years | $10,002 |
Top Solar Installers in Lebanon
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make your switch to solar power much easier. Some solar installers, particularly local ones, can help you make the most of incentives in Lebanon, therefore optimizing your ROI.
Working with a licensed solar installer 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
See all of the solar companies in Lebanon
Factors that Affect Solar Panel Costs in Lebanon
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Lebanon: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,650.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Lebanon have solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make switching to solar energy more accessible for Lebanon homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Lebanon, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $7,437 | 17.0 years |
| 8 kW | $3.72 | $20,849 | $10,325 | 16.7 years |
| 10 kW | $3.65 | $25,550 | $13,417 | 16.4 years |
| 12 kW | $3.58 | $30,047 | $16,714 | 16.1 years |
| 14 kW | $3.50 | $34,339 | $20,215 | 15.7 years |
| 16 kW | $3.43 | $38,427 | $23,920 | 15.4 years |
| 18 kW | $3.36 | $42,311 | $27,830 | 15.1 years |
| 20 kW | $3.29 | $45,990 | $31,944 | 14.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you care about the longevity of your solar system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lebanon, KY Solar Cost FAQs
What is the average cost of installing solar panels in Lebanon?
The average cost of solar panels in Lebanon 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lebanon?
You can’t get solar panels for free in Lebanon. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Does Lebanon have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in Lebanon?
On average, solar panels can last 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 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.