Solar Panel Cost Guide in Owensboro, KY (2024 Update)
- Owensboro Solar Installation Cost: $24,044
- 25-Year Savings: $32,658
- Payback Period: 12.5 Years
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Average Cost of Solar Panels in Owensboro
Here’s how much it might cost to go solar in Owensboro.
In Owensboro, solar panels cost about 4 per watt on average.Using this figure, a typical 9.4-kW system would cost about $24,044 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Owensboro depending on a few factors, such as the brand of solar panels you choose and the solar installer you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Owensboro can save around $19,000 on their electricity bills over 20 years.
To get a free quote from a pre-vetted solar installer in Owensboro, you can click the button below.
Solar savings over time in Owensboro
| Year | Return on Investment |
|---|---|
| 1 years | $-22,347 |
| 3 years | $-18,952 |
| 5 years | $-15,558 |
| 7 years | $-12,163 |
| 9 years | $-8,769 |
| 11 years | $-5,374 |
| 13 years | $-1,980 |
| 15 years | $1,415 |
| 17 years | $4,810 |
| 19 years | $8,204 |
| 21 years | $11,599 |
| 23 years | $14,993 |
| 25 years | $18,388 |
Top Solar Installers in Owensboro
Although you can install solar panels on your own, it requires extra effort and know-how. Because of that, most people choose to hire a solar panel installer. In addition, if you’d like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Though the average cost of a solar system in Owensboro is $24,044, your actual cost may differ. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar system in Owensboro, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by about $3,650 for each additional kilowatt you need.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Owensboro to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.You’ll have to consider the long-term cost of financing options, including the total 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 getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Owensboro is the company you hire to install your PV system. As with choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that offer a range of services at different price points.Additionally, some companies in Owensboro are more knowledgeable about local solar incentives and can help you make good use of 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 help you save 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 | $3.80 | $15,943 | $14,707 | 13.0 years |
| 8 kW | $3.72 | $20,849 | $20,018 | 12.8 years |
| 10 kW | $3.65 | $25,550 | $25,533 | 12.5 years |
| 12 kW | $3.58 | $30,047 | $31,253 | 12.3 years |
| 14 kW | $3.50 | $34,339 | $37,178 | 12.0 years |
| 16 kW | $3.43 | $38,427 | $43,306 | 11.8 years |
| 18 kW | $3.36 | $42,311 | $49,639 | 11.5 years |
| 20 kW | $3.29 | $45,990 | $56,177 | 11.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- 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 do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- 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 substantial role in the company you hire.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
What is the average cost of installing solar panels in Owensboro?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Owensboro?
Solar panels aren’t free in Owensboro, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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.