Solar Panel Cost Guide in Murray, KY (2024 Update)
- Murray Solar Installation Cost: $23,403
- 25-Year Savings: $15,895
- Payback Period: 17.8 Years
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Average Cost of Solar Panels in Murray
Let’s take a look at the average cost of solar panels in Murray.
In Murray, solar panels cost about 4 per watt on average.The average Murray homeowner needs a 9.2-kilowatt system, which would cost about $23,403 with the federal tax credit, or $33,466 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a top solar installer in Murray that can help you get a more accurate cost estimate for your home.
Solar savings over time in Murray
| Year | Return on Investment |
|---|---|
| 1 years | $-21,831 |
| 3 years | $-18,687 |
| 5 years | $-15,543 |
| 7 years | $-12,399 |
| 9 years | $-9,256 |
| 11 years | $-6,112 |
| 13 years | $-2,968 |
| 15 years | $176 |
| 17 years | $3,320 |
| 19 years | $6,464 |
| 21 years | $9,607 |
| 23 years | $12,751 |
| 25 years | $15,895 |
Top Solar Installers in Murray
Many homeowners choose to use a solar installer since trying to install solar panels yourself can be hard. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
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 Murray
Factors that Affect Solar Panel Costs in Murray
Though the average cost of a solar system in Murray is $23,403, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
One of the most important 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 spend about $3,650 per kilowatt in Murray.The kind of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Murray, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Murray is the company you choose to install your PV system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different costs.You may notice national solar installers that have lower prices because of 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 major players.
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 | $5,578 | 18.5 years |
| 8 kW | $3.72 | $20,849 | $7,846 | 18.2 years |
| 10 kW | $3.65 | $25,550 | $10,319 | 17.8 years |
| 12 kW | $3.58 | $30,047 | $12,995 | 17.5 years |
| 14 kW | $3.50 | $34,339 | $15,877 | 17.1 years |
| 16 kW | $3.43 | $38,427 | $18,962 | 16.7 years |
| 18 kW | $3.36 | $42,311 | $22,253 | 16.4 years |
| 20 kW | $3.29 | $45,990 | $25,747 | 16.0 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 efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer’s reputation is by reading reviews.
- 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 considerable role in the company you hire.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
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 Murray, KY Solar Cost FAQs
What is the average cost of installing solar panels in Murray?
This is a tough question to answer exactly, because the cost depends on many 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Murray, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Murray?
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 the amount of energy they produce will have decreased significantly after that point. You can decide to 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.