Solar Panel Cost Guide in Newport, KY (2023 Update)
- Newport Solar Installation Cost: $15,921
- 25-Year Savings: $15,904
- Payback Period: 12.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newport
Find out what the average cost of solar panel installation is in Newport.
In Newport, solar panels cost about 2.34 per watt on average. The average solar panel system size in Newport is around 9.7 kilowatts, meaning a cost of about $15,921 for a solar installation, or $22,767 before the 30% federal solar 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 going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with. For many homeowners, the upfront investment in solar power is worth paying. On average Newport homeowners see about $12,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-14,648 |
| 3 years | $-12,102 |
| 5 years | $-9,556 |
| 7 years | $-7,010 |
| 9 years | $-4,464 |
| 11 years | $-1,918 |
| 13 years | $628 |
| 15 years | $3,174 |
| 17 years | $5,720 |
| 19 years | $8,266 |
| 21 years | $10,812 |
| 23 years | $13,358 |
| 25 years | $15,904 |
Top Solar Installers in Newport
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar panel installer can make your swap to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can take care of your solar installation project. 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 solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, 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 $2,340. The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions 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 searching for a solar system that falls within your budget.
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 Newport 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 decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Newport, and each can charge varying amounts for labor and equipment. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $9,430 | 13.0 years |
| 8 kW | $2.39 | $13,366 | $12,836 | 12.8 years |
| 10 kW | $2.34 | $16,380 | $16,372 | 12.5 years |
| 12 kW | $2.29 | $19,263 | $20,040 | 12.3 years |
| 14 kW | $2.25 | $22,015 | $23,839 | 12.0 years |
| 16 kW | $2.20 | $24,636 | $27,768 | 11.8 years |
| 18 kW | $2.15 | $27,125 | $31,829 | 11.5 years |
| 20 kW | $2.11 | $29,484 | $36,021 | 11.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established 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 do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers 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: Before you sign a contract with a solar installer, make sure you read it through carefully 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.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
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 $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 stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Newport?
Leasing solar panels can be an attractive choice, as it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Newport, that will require at least a 10-kW system. Not all homes can accommodate 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 Newport?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.