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:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lexington-Fayette
Find out what the average cost of solar panel installation is in Lexington-Fayette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lexington-Fayette, the average cost of solar panels is 4 per watt.The average solar panel system size in Lexington-Fayette is around 9.7 kilowatts, meaning a cost of about $24,717 for a solar installation, or $35,345 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what company you go with.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Lexington-Fayette see about $15,000 in savings on energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a customized quote.
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 switching to solar energy, many homeowners opt to go with a solar installation company since handling can be a challenging project. In addition, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our suggestions for providers nearby:
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 Lexington-Fayette
Factors that Affect Solar Panel Costs in Lexington-Fayette
For many Lexington-Fayette homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lexington-Fayette, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $3,650 per kilowatt in Lexington-Fayette.The model of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think 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
Most solar companies in Lexington-Fayette offer solar loans, which reduce your upfront costs of installing solar.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Lexington-Fayette is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you’ll have no shortage of solar installers that offer a range of services at different costs.The company’s size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger 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 | $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 company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done 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, longevity 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: Read the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 such as 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 Lexington-Fayette?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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 savings from going solar.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. 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.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.