Solar Panel Cost Guide in Morganfield, KY (Mar 2023)
- Morganfield Solar Installation Cost: $15,299
- 25-Year Savings: $26,904
- Payback Period: 9.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Morganfield
Here's how much it might cost to switch to solar power in Morganfield.
The national average cost of solar panels is $2.66 per watt, but in Morganfield it's 2.34 per watt. The average Morganfield homeowner needs a 9.3-kilowatt system, which would cost about $15,299 with the federal tax credit, or $21,878 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary depending on multiple factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Morganfield can save around $17,000 on their energy bills over 20 years.
To get a free estimate from a top solar company in Morganfield, you can click the button below.
Solar savings over time in Morganfield
| Year | Return on Investment |
|---|---|
| 1 years | $-13,611 |
| 3 years | $-10,235 |
| 5 years | $-6,858 |
| 7 years | $-3,482 |
| 9 years | $-106 |
| 11 years | $3,270 |
| 13 years | $6,646 |
| 15 years | $10,023 |
| 17 years | $13,399 |
| 19 years | $16,775 |
| 21 years | $20,151 |
| 23 years | $23,527 |
| 25 years | $26,904 |
Top Solar Installers in Morganfield
Although it's possible to install solar panels by yourself, it involves extra energy and know-how. That's one of the reasons almost all homeowners choose a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your home.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Morganfield
Factors that Affect Solar Panel Costs in Morganfield
The cost of installing a solar system in Morganfield can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Morganfield homeowners choose to finance their solar panel systems to offset upfront costs. 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Morganfield, you'll have many options to choose from, but each comes at various price points for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, 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 | $16,879 | 9.4 years |
| 8 kW | $2.39 | $13,366 | $22,767 | 9.2 years |
| 10 kW | $2.34 | $16,380 | $28,786 | 9.1 years |
| 12 kW | $2.29 | $19,263 | $34,937 | 8.9 years |
| 14 kW | $2.25 | $22,015 | $41,218 | 8.7 years |
| 16 kW | $2.20 | $24,636 | $47,630 | 8.5 years |
| 18 kW | $2.15 | $27,125 | $54,174 | 8.3 years |
| 20 kW | $2.11 | $29,484 | $60,848 | 8.2 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When making the switch to solar energy, it's necessary to keep an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project timeline.
- Solar Panel Brands: Different companies offer different brands and types of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Morganfield, KY Solar Cost FAQs
How much does it cost to install solar panels in Morganfield?
The average cost of solar panels in Morganfield 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 things like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
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 solar panels."
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.