Solar Panel Cost Guide in Newport, KY (2023 Update)
- Newport Solar Installation Cost: $15,916
- 25-Year Savings: $15,909
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Newport
We break down average solar pricing in Newport.
The national average cost of solar panels is $2.66 per watt, but in Newport it's 2.34 per watt. Because a 9.7-kW system is needed to cover the energy costs of a typical home in Newport, the average price of going solar will be about $15,921 after claiming the federal solar tax credit of 30%.
These figures are only averages, and the cost of going solar for you will differ based on factors unique to your home and what company you want to go with. With average savings of about $12,000 on electricity bills over 20 years, many homeowners in Newport find investing in solar has a decent ROI.
To receive a free estimate from a top solar installation company in Newport, you can click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-15,810 |
| 3 years | $-15,598 |
| 5 years | $-15,386 |
| 7 years | $-15,174 |
| 9 years | $-14,961 |
| 11 years | $-14,749 |
| 13 years | $-14,537 |
| 15 years | $-14,325 |
| 17 years | $-14,113 |
| 19 years | $-13,901 |
| 21 years | $-13,688 |
| 23 years | $-13,476 |
| 25 years | $-13,264 |
Top Solar Installers in Newport
Although it's possible to install solar panels on your own, it takes extra labor and know-how. For that reason, the majority of homeowners choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our suggestions for providers near you:
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
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Newport: 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
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the Newport average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, 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. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can affect how much it costs. Newport's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that offers the products, warranties and services you're looking for and also fit into your budget.
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
There are a lot of companies available in Newport, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about 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 actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Newport?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.