Solar Panel Cost Guide in Morehead, KY (2023 Update)
- Morehead Solar Installation Cost: $15,869
- 25-Year Savings: $26,445
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Morehead
We go over average solar pricing in Morehead.
In Morehead, solar panels cost about 2.34 per watt on average. Using this figure, a typical 9.7-kW system would cost about $15,872 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs will vary based on your specific situation and what company you choose to go with. Despite the large initial cost, the average Morehead homeowner can save around $17,000 on their energy bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Morehead
| Year | Return on Investment |
|---|---|
| 1 years | $-15,728 |
| 3 years | $-15,446 |
| 5 years | $-15,164 |
| 7 years | $-14,882 |
| 9 years | $-14,600 |
| 11 years | $-14,317 |
| 13 years | $-14,035 |
| 15 years | $-13,753 |
| 17 years | $-13,471 |
| 19 years | $-13,189 |
| 21 years | $-12,907 |
| 23 years | $-12,625 |
| 25 years | $-12,343 |
Top Solar Installers in Morehead
When making the switch to solar, many homeowners choose to go with a solar company since handling can be a challenging project. Some solar companies, particularly local ones, can help you better understand incentives in Morehead, optimizing your ROI.
If you'd like to start using solar energy but still aren't certain which solar company to go with, here are our suggestions for providers in Morehead:
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 Morehead
Factors that Affect Solar Panel Costs in Morehead
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Morehead: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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
Many homeowners find the average cost of solar in Morehead to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Morehead is the company you hire to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $15,985 | 9.8 years |
| 8 kW | $2.39 | $13,366 | $21,575 | 9.6 years |
| 10 kW | $2.34 | $16,380 | $27,296 | 9.4 years |
| 12 kW | $2.29 | $19,263 | $33,148 | 9.2 years |
| 14 kW | $2.25 | $22,015 | $39,132 | 9.0 years |
| 16 kW | $2.20 | $24,636 | $45,246 | 8.8 years |
| 18 kW | $2.15 | $27,125 | $51,492 | 8.6 years |
| 20 kW | $2.11 | $29,484 | $57,868 | 8.4 years |
How to Save on Solar Panels
The solar company you go with 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 some important things you should consider, including:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Morehead, KY Solar Cost FAQs
How much does it cost to install solar panels in Morehead?
The average cost of solar panels in Morehead 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Morehead?
Solar panels aren't free in Morehead, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in Morehead?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Morehead?
Although 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 how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.