Solar Panel Cost Guide in Lexington Fayette, KY (Feb 2023)
- Lexington Fayette Solar Installation Cost: $15,839
- 25-Year Savings: $22,914
- Payback Period: 10.2 Years
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Top Solar Installers in Lexington Fayette
When going solar, many homeowners prefer to hire a solar company since handling can be a difficult project. Some solar installers, particularly local ones, can help you take advantage of incentives in Lexington Fayette, thereby optimizing your ROI.
If you'd like to start using solar energy but still aren't certain which solar system company to go with, here are our recommendations for providers in Lexington Fayette:
See all of the solar companies in Lexington Fayette
Factors that Affect Solar Panel Costs in Lexington Fayette
While the average cost of a solar system in Lexington Fayette is $15,839, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
When it comes to estimating the cost of solar panels in Lexington Fayette, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by about $2,340 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Lexington Fayette have solar loans, which reduce the initial cost of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence how much you pay. Lexington Fayette's solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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||$2.43||$10,221||$13,815||10.6 years|
|8 kW||$2.39||$13,366||$18,682||10.4 years|
|10 kW||$2.34||$16,380||$23,680||10.2 years|
|12 kW||$2.29||$19,263||$28,809||10.0 years|
|14 kW||$2.25||$22,015||$34,069||9.8 years|
|16 kW||$2.20||$24,636||$39,461||9.6 years|
|18 kW||$2.15||$27,125||$44,983||9.4 years|
|20 kW||$2.11||$29,484||$50,636||9.2 years|
How to Save on Solar Panels
Since the type of solar panels and the company you choose greatly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
EcoWatch's Lexington Fayette, KY Solar Cost FAQs
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.