Solar Panel Cost Guide in Owensboro, KY (2023 Update)
- Owensboro Solar Installation Cost: $15,414
- 25-Year Savings: $32,659
- Payback Period: 8.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Owensboro
Find out what the average cost of installing solar panels is in Owensboro.
Although the national average of solar panels is $2.66 per watt, solar panels in Owensboro generally cost around 2.34. To cover the typical energy usage of the average home in Owensboro, most homeowners require a 9.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,414, or $22,042 before the federal solar tax credit of 30% is applied.
These figures are just averages, and how much solar costs for you will look different based on factors unique to your home and what company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Owensboro can save around $19,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Owensboro for a customized quote.
Solar savings over time in Owensboro
| Year | Return on Investment |
|---|---|
| 1 years | $-13,491 |
| 3 years | $-9,645 |
| 5 years | $-5,799 |
| 7 years | $-1,953 |
| 9 years | $1,893 |
| 11 years | $5,739 |
| 13 years | $9,584 |
| 15 years | $13,430 |
| 17 years | $17,276 |
| 19 years | $21,122 |
| 21 years | $24,968 |
| 23 years | $28,814 |
| 25 years | $32,659 |
Top Solar Installers in Owensboro
Although you can install solar panels on your own, it requires extra energy and handiness. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
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 Owensboro
Factors that Affect Solar Panel Costs in Owensboro
Although the average cost of a solar system in Owensboro is $15,414, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant 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 electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,340 per kilowatt in Owensboro. The brand of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Owensboro homeowners opt to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Owensboro, you'll have plenty of options to choose from, but each comes at different price points for labor and 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 find a company that offers the products, warranties and services you're looking for and also is within 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 | $20,429 | 8.3 years |
| 8 kW | $2.39 | $13,366 | $27,501 | 8.2 years |
| 10 kW | $2.34 | $16,380 | $34,703 | 8.0 years |
| 12 kW | $2.29 | $19,263 | $42,037 | 7.9 years |
| 14 kW | $2.25 | $22,015 | $49,502 | 7.7 years |
| 16 kW | $2.20 | $24,636 | $57,098 | 7.5 years |
| 18 kW | $2.15 | $27,125 | $64,825 | 7.4 years |
| 20 kW | $2.11 | $29,484 | $72,683 | 7.2 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly impacts 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: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Contract: Before you sign a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a quality company.
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 Owensboro, KY Solar Cost FAQs
How much does it cost to install solar panels in Owensboro?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
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.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Owensboro is currently $129,286, so you can look forward to a value of about $5,301 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Owensboro is a fruitful investment.
How long do solar panels last in Owensboro?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.