Solar Panel Cost Guide in Nicholasville, KY (2024 Update)
- Nicholasville Solar Installation Cost: $24,658
- 25-Year Savings: $21,772
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Nicholasville
Let’s have a look at the average cost of solar in Nicholasville.
While the national average of solar panels is $2.66 per watt, solar panels in Nicholasville generally cost about 4.To cover the typical energy needs of the average home in Nicholasville, most homeowners require a 9.7-kilowatt system. Using the figure above, a solar installation costs about $24,658, or $35,261 before the federal solar tax credit of 0 is applied.
How much you pay can go above or below the average in Nicholasville based on a few factors, such as the type of solar panels you choose and the solar company you hire.Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Nicholasville can save about $15,000 on their power bills over 20 years.
To receive a free estimate from a top solar company in Nicholasville, you can click the button below.
Solar savings over time in Nicholasville
Year | Return on Investment |
---|---|
1 years | $-23,279 |
3 years | $-20,522 |
5 years | $-17,764 |
7 years | $-15,006 |
9 years | $-12,248 |
11 years | $-9,491 |
13 years | $-6,733 |
15 years | $-3,975 |
17 years | $-1,217 |
19 years | $1,541 |
21 years | $4,298 |
23 years | $7,056 |
25 years | $9,814 |
Top Solar Installers in Nicholasville
Although you can install solar panels by yourself, it takes extra energy and expertise. That's why almost all homeowners choose to go with a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over time.
If you’d like to make the switch to solar but still aren’t certain which solar system installer to go with, here are our suggestions for providers nearby:
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
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Nicholasville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss 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 key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,650.The brand of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is 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
Many homeowners find the average cost of solar in Nicholasville to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Nicholasville, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $7,420 | 17.1 years |
8 kW | $3.72 | $20,849 | $10,303 | 16.7 years |
10 kW | $3.65 | $25,550 | $13,389 | 16.4 years |
12 kW | $3.58 | $30,047 | $16,681 | 16.1 years |
14 kW | $3.50 | $34,339 | $20,176 | 15.7 years |
16 kW | $3.43 | $38,427 | $23,876 | 15.4 years |
18 kW | $3.36 | $42,311 | $27,780 | 15.1 years |
20 kW | $3.29 | $45,990 | $31,889 | 14.8 years |
How to Save on Solar Panels
There are many companies to choose from in Nicholasville, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you’re concerned about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
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
How much does it cost to install solar panels in Nicholasville?
The average cost of solar panels in Nicholasville is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is it worth going solar in Nicholasville?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
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.