Solar Panel Cost Guide in Ludlow, KY (Oct 2022)

  • Ludlow Solar Installation Cost: $15,872
  • 25-Year Savings: $18,993
  • Payback Period: 11.4 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Ludlow

Find out what the average cost of installing solar panels is 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 $2 per watt. To cover the typical energy needs of the average home in Ludlow, most homeowners require a 9.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,872, or $11,745 after the federal solar tax credit of 30% is applied.

Bear 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 you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar panels is worth paying. On average Ludlow homeowners see about $14,000 in savings on electricity bills over 20 years.

To see your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Ludlow

Year Return on Investment
1 years $-14,478
3 years $-11,688
5 years $-8,899
7 years $-6,110
9 years $-3,321
11 years $-532
13 years $2,257
15 years $5,047
17 years $7,836
19 years $10,625
21 years $13,414
23 years $16,203
25 years $18,993

Top Solar Installers in Ludlow

When making the switch to solar, many homeowners decide to go with a solar company since installing solar panels yourself can be a difficult project. Companies can also provide access to quality options of the best solar panels and help you decide which one will be best for you.

There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

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 (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

Although the average cost of solar panels in Ludlow is $15,872, your final cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.

Solar Equipment Size

One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,340 per kilowatt in Ludlow. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

If paying for a solar system in cash is out of reach, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's crucial to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

Lastly, the company you hire to install your solar system can play a part in determining how much you pay. Ludlow's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 $2.43 $10,221 $11,367 11.8 years
8 kW $2.39 $13,366 $15,418 11.6 years
10 kW $2.34 $16,380 $19,600 11.4 years
12 kW $2.29 $19,263 $23,913 11.2 years
14 kW $2.25 $22,015 $28,357 10.9 years
16 kW $2.20 $24,636 $32,933 10.7 years
18 kW $2.15 $27,125 $37,639 10.5 years
20 kW $2.11 $29,484 $42,476 10.2 years

Solar Incentives in Ludlow

Name Duke Energy - Residential Efficiency Rebate Program
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:

  • Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
  • Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.

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 (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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 hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

What other factors should I consider apart from cost when buying solar panels?

Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

How will solar panels impact my home value?

Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

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

The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can 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 account for 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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