Solar Panel Cost Guide in Ludlow, KY (2023 Update)
- Ludlow Solar Installation Cost: $15,872
- 25-Year Savings: $18,993
- Payback Period: 11.4 Years
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Updated May 04, 2023
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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 2.34 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 $22,697 before 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 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
Although the average cost of a solar system 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
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 |
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 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?
The average cost of solar panels in Ludlow is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
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 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 financial benefits from going solar.
Can solar panels eliminate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Ludlow, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 buy 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.