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
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Average Cost of Solar Panels in Ludlow
We break down average solar pricing in Ludlow.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Ludlow, the typical cost of a solar system 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 cost 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.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Ludlow see about $14,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar company, 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
Trying to install solar panels on your own can be a difficult task, which is why getting a solar installation company is a good option for many homeowners. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're looking for a solar company in Ludlow, we've organized a list of our top suggestions here:
Best National Provider
SunPower
- 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
- 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
For many Ludlow homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Ludlow, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,650. The brand of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of financing options, including the amount of 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Ludlow, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Ludlow know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 opt for will influence 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 several important things you should consider, such as:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although 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 making your decision.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project completion timeline.
Best National Provider
SunPower
- 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
- 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
What is the average cost of installing solar panels in Ludlow?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Ludlow?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your property value?
Installing solar panels on your home 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, so you could be looking at 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 worthwhile investment.
What solar power system size is right for 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 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.