Solar Panel Cost Guide in Madisonville, KY (2024 Update)

  • Madisonville Solar Installation Cost: $23,916
  • 25-Year Savings: $10,556
  • Payback Period: 14.5 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Madisonville

We go over average solar pricing in Madisonville.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Madisonville, the typical cost of a solar system is 4 per watt.Since a 9.4-kW system is needed to cover the energy costs of a typical home in Madisonville, the average price of going solar will be about $23,916 after claiming the federal solar tax credit of 0.

The true price you pay can go above or below the average in Madisonville depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire.Even with the large initial cost, the average Madisonville homeowner can save about $17,000 on their power bills over 20 years, which is one of the advantages of solar.

Click the button below to get connected to a vetted solar installer in Madisonville for a custom quote.

Solar savings over time in Madisonville

Year Return on Investment
1 years $-22,537
3 years $-19,779
5 years $-17,021
7 years $-14,264
9 years $-11,506
11 years $-8,748
13 years $-5,990
15 years $-3,233
17 years $-475
19 years $2,283
21 years $5,041
23 years $7,799
25 years $10,556

Top Solar Installers in Madisonville

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using an installer can make switching to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for your home.

If you're searching for a solar installer in Madisonville, the EcoWatch team has compiled a list of our top suggestions here:

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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Madisonville

Factors that Affect Solar Panel Costs in Madisonville

Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Madisonville: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar panel system in Madisonville, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $3,650 for each additional kilowatt you need.The model of solar panels and equipment you get is another factor that will substantially influence 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

If paying for a solar system out of pocket is too expensive, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Although solar loans make adopting solar energy more accessible for Madisonville homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

Finally, the company you hire to install your solar system can play a role in determining your pricing. Madisonville’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that provides the products, warranties and services you’re looking for and also is within your budget.

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 $10,485 15.1 years
8 kW $3.72 $20,849 $14,389 14.8 years
10 kW $3.65 $25,550 $18,497 14.5 years
12 kW $3.58 $30,047 $22,810 14.2 years
14 kW $3.50 $34,339 $27,327 13.9 years
16 kW $3.43 $38,427 $32,049 13.6 years
18 kW $3.36 $42,311 $36,974 13.3 years
20 kW $3.29 $45,990 $42,105 13.1 years

How to Save on Solar Panels

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

  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
  • Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.

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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Madisonville, KY Solar Cost FAQs

What is the average cost of installing solar panels in Madisonville?

The average cost of solar panels in Madisonville is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.

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

Cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.

How much can I save on power bills after installing solar panels?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Madisonville, that will require at least a 10-kW system. Not all homes will have roofs that 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.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.

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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