Solar Panel Cost Guide in Ludlow, KY (2024 Update)
- Ludlow Solar Installation Cost: $24,758
- 25-Year Savings: $18,993
- Payback Period: 17.8 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 Ludlow
We break down average solar pricing in Ludlow.
The average cost of a solar system in Ludlow is 4 per watt.The average solar panel system size in Ludlow is around 9.7 kilowatts, meaning a cost of about $24,758 for a solar installation, or $35,404 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Ludlow homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find going solar is a rewarding investment. The average homeowner in Ludlow can save around $14,000 on their electricity bills over 20 years.
To receive a free estimate from a vetted solar installer in Ludlow, you can click the button below.
Solar savings over time in Ludlow
| Year | Return on Investment |
|---|---|
| 1 years | $-23,563 |
| 3 years | $-21,174 |
| 5 years | $-18,785 |
| 7 years | $-16,395 |
| 9 years | $-14,006 |
| 11 years | $-11,617 |
| 13 years | $-9,227 |
| 15 years | $-6,838 |
| 17 years | $-4,449 |
| 19 years | $-2,060 |
| 21 years | $330 |
| 23 years | $2,719 |
| 25 years | $5,108 |
Top Solar Installers in Ludlow
Many homeowners opt for a solar panel company since trying to put up solar panels on your own can be a labor-intensive endeavor. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over time.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Ludlow
Factors that Affect Solar Panel Costs in Ludlow
The cost of installing a solar system in Ludlow can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $3,650 per kilowatt in Ludlow.The brand of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. 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 researching a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Ludlow homeowners decide to finance their solar panel systems to make going solar more affordable.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 can only 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 securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Ludlow, and each can charge varying amounts for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $5,645 | 18.5 years |
| 8 kW | $3.72 | $20,849 | $7,935 | 18.1 years |
| 10 kW | $3.65 | $25,550 | $10,430 | 17.8 years |
| 12 kW | $3.58 | $30,047 | $13,129 | 17.4 years |
| 14 kW | $3.50 | $34,339 | $16,033 | 17.0 years |
| 16 kW | $3.43 | $38,427 | $19,141 | 16.7 years |
| 18 kW | $3.36 | $42,311 | $22,453 | 16.3 years |
| 20 kW | $3.29 | $45,990 | $25,970 | 16.0 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total 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 keep in mind, such as:
- Warranty: If you’re worried about the endurance of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
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 Ludlow, KY Solar Cost FAQs
How much does it cost to install solar panels in Ludlow?
The average cost of solar panels in Ludlow 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 stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Ludlow?
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 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.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ludlow is currently $184,246, which means you can expect a value of about $7,554 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Ludlow is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 get 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.