Solar Panel Cost Guide in Madisonville, KY (Sep 2022)

  • Madisonville Solar Installation Cost: $15,332
  • 25-Year Savings: $25,899
  • Payback Period: 9.3 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 Madisonville

We break down average solar pricing in Madisonville.

The average cost of a solar panel system in Madisonville is $2 per watt. The average Madisonville homeowner needs a 9.4-kilowatt system, which would cost about $15,332, or $11,346 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.

To receive a free quote from a pre-vetted solar installer in Madisonville, you can 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 choose to use a solar company since installing a solar system yourself can be a challenging project. The expertise that solar companies provide can be helpful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.

There are various 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 Madisonville

Factors that Affect Solar Panel Costs in Madisonville

Although the average cost of solar panels in Madisonville is $15,332, your final cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.

Solar Equipment Size

The size of the system you need is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Madisonville, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Madisonville to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time because of interest. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.

Solar Panel Installation Company

The solar company you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating in Madisonville, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

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

Solar Incentives in Madisonville

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

How to Save on Solar Panels

The solar installer you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:

  • Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
  • Warranty: If you're worried about the longevity of your solar system, checking your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
  • Contract: Before signing a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.

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 Madisonville, KY Solar Cost FAQs

How much does it cost to install solar panels in Madisonville?

This is a difficult 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

What other factors should I consider in addition to cost when buying solar panels?

The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.

Is going solar worth it?

Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt 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.

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