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.
Keep in mind that the figures above are only estimates based on the average Murray homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $14,000 on power bills over 20 years, many homeowners in Murray find going solar can be quite rewarding.
To get a free estimate from a top solar installation company in Murray, you can click the button below.
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 decide to use a solar installer since trying to install solar panels by yourself can be time-consuming. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
Best National Provider
SunPower
- 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
- 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 actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
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 energy your household consumes, the larger your system will likely need to be. You can expect to pay about $3,650 per kilowatt in Murray.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Murray, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of 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
If paying for solar panels in cash is too expensive, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
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 Murray, you’ll have a great number of options to choose from, but each comes at different 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 pricing, 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 | $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
The solar panel company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- Reputation: Companies that have been in business for many years 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 quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The type of solar panel you need plays a part in which installer you should go with, since different companies provide different panels.
- Contract: Although 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 the terms of the warranty.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- 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
- 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
How much does it cost to install solar panels in Murray?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power bills?
It is possible to eradicate 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 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 Murray?
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 the amount of energy they produce will have decreased significantly after that point. You can decide to 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.