Solar Panel Cost Guide in Morehead, KY (Feb 2023)

  • Morehead Solar Installation Cost: $15,872
  • 25-Year Savings: $26,442
  • Payback Period: 9.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

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 Morehead

Let's have a look at the average cost of solar in Morehead.

Although the national average of solar panels is $2.66 per watt, solar panels in Morehead typically cost about $2. The average Morehead homeowner needs a 9.7-kilowatt system, which would cost about $15,872, or $11,745 after the federal solar tax credit of 30% is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Morehead see about $17,000 in savings on energy bills over 20 years.

For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Morehead

Year Return on Investment
1 years $-14,180
3 years $-10,795
5 years $-7,409
7 years $-4,024
9 years $-639
11 years $2,746
13 years $6,131
15 years $9,516
17 years $12,901
19 years $16,286
21 years $19,671
23 years $23,056
25 years $26,442

Top Solar Installers in Morehead

Putting up solar panels by yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. The payback period of solar panels will vary depending on factors like your location and energy consumption, but working with a solar installer can shorten it. Your provider will be able to help you get the most out of incentives available in your area.

If you're searching for a solar installer in Morehead, we've organized 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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
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 Morehead

Factors that Affect Solar Panel Costs in Morehead

Even though the average cost of a solar system in Morehead is $15,872, your final cost may differ. There are many 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

One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,340 per kilowatt in Morehead. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 limited roof space 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

Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Morehead homeowners choose to finance their solar panel systems to offset upfront costs. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

The last major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Morehead, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Morehead know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.

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

  • Reputation: Well-established companies likely have a high 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.
  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
  • Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.

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

Tesla Energy

★★★★★
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 Morehead, KY Solar Cost FAQs

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

This is a hard question to answer exactly, because the cost depends on a variety of 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in Morehead?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 will solar panels impact my home value?

Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

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 stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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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