Solar Panel Cost Guide in Madisonville, KY (2023 Update)
- Madisonville Solar Installation Cost: $15,332
- 25-Year Savings: $25,899
- Payback Period: 9.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Madisonville
We break down average solar pricing in Madisonville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madisonville, the average cost of solar panels is 2.34 per watt. To cover the typical energy needs of the average home in Madisonville, most homeowners require a 9.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,332, or $21,925 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and the cost of going solar for you will most likely look different based on factors unique to your home and what company you choose to go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Madisonville can save about $17,000 on their power 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 Madisonville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,682 |
| 3 years | $-10,384 |
| 5 years | $-7,086 |
| 7 years | $-3,787 |
| 9 years | $-489 |
| 11 years | $2,810 |
| 13 years | $6,108 |
| 15 years | $9,406 |
| 17 years | $12,705 |
| 19 years | $16,003 |
| 21 years | $19,302 |
| 23 years | $22,600 |
| 25 years | $25,899 |
Top Solar Installers in Madisonville
When making the switch to solar, many homeowners opt to use a solar installation company since overseeing your solar installation yourself can be a difficult project. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
There are a number of 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 Madisonville
Factors that Affect Solar Panel Costs in Madisonville
For many Madisonville homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Madisonville, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,340. The brand and kind of equipment you get 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 have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Madisonville have solar loans, which reduce the initial cost of installing solar panels. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Madisonville is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that offer a range of services at different costs. Some companies 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 come with an above-average cost. It's best to do some research and decide on the company that has 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 | $2.43 | $10,221 | $16,207 | 9.7 years |
| 8 kW | $2.39 | $13,366 | $21,872 | 9.5 years |
| 10 kW | $2.34 | $16,380 | $27,667 | 9.3 years |
| 12 kW | $2.29 | $19,263 | $33,594 | 9.1 years |
| 14 kW | $2.25 | $22,015 | $39,652 | 8.9 years |
| 16 kW | $2.20 | $24,636 | $45,840 | 8.7 years |
| 18 kW | $2.15 | $27,125 | $52,160 | 8.6 years |
| 20 kW | $2.11 | $29,484 | $58,611 | 8.4 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Companies that have been operating for many years likely have a good 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 support, such as part repairs and replacements.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
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 Madisonville, KY Solar Cost FAQs
How much does it cost to install solar panels in Madisonville?
The average cost of solar panels in Madisonville is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Madisonville?
Leasing solar panels can be an option if you can't 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 property 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.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Madisonville?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.