Solar Panel Cost Guide in Lexington-Fayette, KY (2024 Update)

  • Lexington-Fayette Solar Installation Cost: $24,717
  • 25-Year Savings: $22,908
  • Payback Period: 15.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lexington-Fayette

Find out what the average cost of solar panel installation is in Lexington-Fayette.

In Lexington-Fayette, solar panels cost about 4 per watt on average.To account for the typical energy needs of the average home in Lexington-Fayette, most homeowners require a 9.7-kilowatt system. Using the figure above, a solar installation costs around $24,717, or $35,345 before the federal solar tax credit of 0 is applied.

The true cost of your system can go higher or lower than the average in Lexington-Fayette depending on several factors, such as the kind of solar panels you choose and the solar installer you hire.Many homeowners find adopting solar power is a sound investment. The average homeowner in Lexington-Fayette can save around $15,000 on their electricity bills over 20 years.

You can click the button below to get connected with a pre-vetted solar installer in Lexington-Fayette for a quote for your home.

Solar savings over time in Lexington-Fayette

Year Return on Investment
1 years $-23,338
3 years $-20,580
5 years $-17,822
7 years $-15,064
9 years $-12,307
11 years $-9,549
13 years $-6,791
15 years $-4,033
17 years $-1,275
19 years $1,482
21 years $4,240
23 years $6,998
25 years $9,756

Top Solar Installers in Lexington-Fayette

When making the switch to solar, many homeowners choose to use a solar company since overseeing your solar installation yourself can be a challenging project. Some solar companies, particularly local ones, can help you better understand incentives in Lexington-Fayette, therefore optimizing your ROI.

You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Lexington-Fayette

Factors that Affect Solar Panel Costs in Lexington-Fayette

The cost of installing a solar system in Lexington-Fayette can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

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. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar installers in Lexington-Fayette offer solar loans, which reduce the initial cost of installing solar.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.

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 Lexington-Fayette, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that provides the products, warranties and services you want and also is within your budget.

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 $8,093 16.6 years
8 kW $3.72 $20,849 $11,199 16.3 years
10 kW $3.65 $25,550 $14,510 15.9 years
12 kW $3.58 $30,047 $18,025 15.6 years
14 kW $3.50 $34,339 $21,745 15.3 years
16 kW $3.43 $38,427 $25,669 15.0 years
18 kW $3.36 $42,311 $29,797 14.7 years
20 kW $3.29 $45,990 $34,130 14.4 years

How to Save on Solar Panels

The solar installer you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:

  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
  • Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Warranty: If you’re concerned about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Lexington-Fayette, KY Solar Cost FAQs

What is the average cost of installing solar panels in Lexington-Fayette?

The average cost of solar panels in Lexington-Fayette 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 things like the kind 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 Lexington-Fayette?

Leasing solar panels can be an option if you can’t afford to pay upfront or get 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 eliminate my electricity bills?

Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $801.20 per year.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of 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 install 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.

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