Solar Panel Cost Guide in Newport, KY (2024 Update)
- Newport Solar Installation Cost: $24,826
- 25-Year Savings: $15,909
- Payback Period: 19.5 Years
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Average Cost of Solar Panels in Newport
Find out what the average cost of installing solar panels is in Newport.
In Newport, solar panels cost about 4 per watt on average.To cover the typical energy needs of the average home in Newport, most homeowners require a 9.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $24,826, or $35,501 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.Despite the high initial cost, the average Newport homeowner can save around $12,000 on their power bills over 20 years, which is one of the perks of solar.
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Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-23,632 |
| 3 years | $-21,242 |
| 5 years | $-18,853 |
| 7 years | $-16,464 |
| 9 years | $-14,075 |
| 11 years | $-11,685 |
| 13 years | $-9,296 |
| 15 years | $-6,907 |
| 17 years | $-4,518 |
| 19 years | $-2,128 |
| 21 years | $261 |
| 23 years | $2,650 |
| 25 years | $5,040 |
Top Solar Installers in Newport
When switching to solar energy, many homeowners choose to use a solar installer since installing a solar system yourself can be a difficult project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Newport
Factors that Affect Solar Panel Costs in Newport
There are several criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,650. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Newport, 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
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Newport, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.You may come across national solar installers that have lower prices because of 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 | $3.80 | $15,943 | $3,708 | 20.3 years |
| 8 kW | $3.72 | $20,849 | $5,353 | 19.9 years |
| 10 kW | $3.65 | $25,550 | $7,202 | 19.5 years |
| 12 kW | $3.58 | $30,047 | $9,256 | 19.1 years |
| 14 kW | $3.50 | $34,339 | $11,514 | 18.7 years |
| 16 kW | $3.43 | $38,427 | $13,977 | 18.3 years |
| 18 kW | $3.36 | $42,311 | $16,644 | 17.9 years |
| 20 kW | $3.29 | $45,990 | $19,515 | 17.6 years |
How to Save on Solar Panels
Since the kind 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 pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
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 Newport, KY Solar Cost FAQs
How much does it cost to install solar panels in Newport?
The average cost of solar panels in Newport is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Newport?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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 bang for your buck from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $655.05 per year.
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 opt 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.