Solar Panel Cost Guide in Morehead, KY (2024 Update)
- Morehead Solar Installation Cost: $24,753
- 25-Year Savings: $26,445
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Morehead
Here’s how much it might cost to make the switch to solar in Morehead.
The average cost of solar panels in Morehead is 4 per watt.The average Morehead homeowner needs a 9.7-kilowatt system, which would cost about $24,753 with the federal tax credit, or $35,397 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on your energy needs and what company you want to go with.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Morehead can save about $17,000 on their energy bills over 20 years.
To get a free quote from a highly rated solar company in Morehead, you can click the button below.
Solar savings over time in Morehead
| Year | Return on Investment |
|---|---|
| 1 years | $-23,374 |
| 3 years | $-20,616 |
| 5 years | $-17,859 |
| 7 years | $-15,101 |
| 9 years | $-12,343 |
| 11 years | $-9,585 |
| 13 years | $-6,827 |
| 15 years | $-4,070 |
| 17 years | $-1,312 |
| 19 years | $1,446 |
| 21 years | $4,204 |
| 23 years | $6,961 |
| 25 years | $9,719 |
Top Solar Installers in Morehead
Although it's possible to install solar panels yourself, it requires extra energy and expertise. For that reason, most people choose a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you’d like to go solar but still aren’t certain which solar installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Morehead
Factors that Affect Solar Panel Costs in Morehead
There are many factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $3,650 per kilowatt in Morehead.The brand and type of equipment you choose 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. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Morehead offer solar loans, which reduce your upfront costs of installing solar panels.You’ll have to consider the long-term cost of loans, 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 above the equipment and labor 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 factor to consider when trying to estimate the cost of solar for your home or business in Morehead is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services at different price points.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that provides the products, warranties and services you want and also fit into 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 | $10,262 | 15.2 years |
| 8 kW | $3.72 | $20,849 | $14,092 | 14.9 years |
| 10 kW | $3.65 | $25,550 | $18,126 | 14.6 years |
| 12 kW | $3.58 | $30,047 | $22,364 | 14.3 years |
| 14 kW | $3.50 | $34,339 | $26,807 | 14.0 years |
| 16 kW | $3.43 | $38,427 | $31,455 | 13.7 years |
| 18 kW | $3.36 | $42,311 | $36,306 | 13.5 years |
| 20 kW | $3.29 | $45,990 | $41,362 | 13.2 years |
How to Save on Solar Panels
There are many companies available in Morehead, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which installer you should choose, since different companies provide different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Morehead, KY Solar Cost FAQs
What is the average cost of installing solar panels in Morehead?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Morehead?
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.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Morehead, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
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 are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose 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.