Solar Panel Cost Guide in Nicholasville, KY (2023 Update)
- Nicholasville Solar Installation Cost: $15,808
- 25-Year Savings: $21,772
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Nicholasville
Find out what the average cost of a solar system is in Nicholasville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Nicholasville, the average cost of a solar system is 2.34 per watt. Using this figure, a typical 9.7-kW system would cost about $15,807 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy consumption and what company you go with. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Nicholasville see about $15,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a customized quote.
Solar savings over time in Nicholasville
| Year | Return on Investment |
|---|---|
| 1 years | $-15,683 |
| 3 years | $-15,432 |
| 5 years | $-15,182 |
| 7 years | $-14,931 |
| 9 years | $-14,681 |
| 11 years | $-14,430 |
| 13 years | $-14,180 |
| 15 years | $-13,929 |
| 17 years | $-13,679 |
| 19 years | $-13,428 |
| 21 years | $-13,178 |
| 23 years | $-12,927 |
| 25 years | $-12,677 |
Top Solar Installers in Nicholasville
Many homeowners opt for a solar panel installer since installing solar panels on your own can be a labor-intensive endeavor. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
If you'd like to make the switch to solar but still aren't certain which solar panel installer to go with, here are our suggestions for providers in Nicholasville:
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 Nicholasville
Factors that Affect Solar Panel Costs in Nicholasville
While the average cost of a solar system in Nicholasville is $15,807, your final cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most important 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 uses, the larger your system will likely need to be. You can expect to pay about $2,340 per kilowatt in Nicholasville. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Nicholasville average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Nicholasville homeowners choose to finance their solar panel systems to offset upfront costs. Although solar loans make switching to solar energy more accessible for Nicholasville homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence the cost. Nicholasville's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Nicholasville have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $13,143 | 10.9 years |
| 8 kW | $2.39 | $13,366 | $17,785 | 10.7 years |
| 10 kW | $2.34 | $16,380 | $22,559 | 10.5 years |
| 12 kW | $2.29 | $19,263 | $27,464 | 10.3 years |
| 14 kW | $2.25 | $22,015 | $32,500 | 10.1 years |
| 16 kW | $2.20 | $24,636 | $37,668 | 9.9 years |
| 18 kW | $2.15 | $27,125 | $42,966 | 9.7 years |
| 20 kW | $2.11 | $29,484 | $48,395 | 9.5 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 difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will carry different brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
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 Nicholasville, KY Solar Cost FAQs
What is the average cost of installing solar panels in Nicholasville?
The average cost of solar panels in Nicholasville 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 certain factors such as the kind 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 a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places 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.
Does Nicholasville have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Nicholasville?
On average, solar panels can last 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 level 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.