Solar Panel Cost Guide in Morganfield, KY (2023 Update)
- Morganfield Solar Installation Cost: $15,305
- 25-Year Savings: $26,897
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Morganfield
Find out what the average cost of installing solar panels is 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.
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 solar panels you choose, your solar contractor and more. Even with the high upfront cost, the average Morganfield homeowner can save about $17,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar company in Morganfield for a custom estimate.
Solar savings over time in Morganfield
| Year | Return on Investment |
|---|---|
| 1 years | $-13,926 |
| 3 years | $-11,168 |
| 5 years | $-8,411 |
| 7 years | $-5,653 |
| 9 years | $-2,895 |
| 11 years | $-137 |
| 13 years | $2,620 |
| 15 years | $5,378 |
| 17 years | $8,136 |
| 19 years | $10,894 |
| 21 years | $13,652 |
| 23 years | $16,409 |
| 25 years | $19,167 |
Top Solar Installers in Morganfield
When making the switch to solar, many homeowners decide to hire a solar installer since overseeing your solar installation yourself can be a difficult project. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for you.
If you're on the hunt for a solar company in Morganfield, the EcoWatch team has organized a list of our top suggestions here:
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 Morganfield
Factors that Affect Solar Panel Costs in Morganfield
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Morganfield: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 spend around $2,340 per kilowatt in Morganfield. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Morganfield, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Morganfield homeowners opt to finance their solar panel systems to offset upfront costs. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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
Since the model of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- 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 adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
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 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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Morganfield?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Morganfield, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Morganfield?
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 replace them after having 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.