Solar Panel Cost Guide in Owensboro, KY (Oct 2022)

  • Owensboro Solar Installation Cost: $15,414
  • 25-Year Savings: $32,659
  • Payback Period: 8.0 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Owensboro

Find out what the average cost of installing solar panels is in Owensboro.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Owensboro, the average cost of a solar system is $2 per watt. Using this figure, a typical 9.4 would cost about $15,414 before the 30% federal solar tax credit is applied.

The true price you pay can be above or below the average in Owensboro depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $19,000 in savings on electricity bills over 20 years.

For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

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

When making the switch to solar, many homeowners prefer to use a solar installer since handling can be a difficult project. The expertise that solar installers offer can be helpful as well, particularly if you aren't sure what type of solar equipment you need.

If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our recommendations for providers in Owensboro:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Owensboro: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment Size

The size of the system you need is one of the largest factors that determines the overall cost of going solar. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Owensboro homeowners choose to finance their solar panel systems to make paying for solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar company you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies in Owensboro, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.

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

Solar Incentives in Owensboro

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:

  • Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
  • Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

The Green Panel

★★★★★
4.5

  • 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?

The average cost of solar panels in Owensboro is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Owensboro?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.

Does Owensboro have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.

How many solar panels do I need to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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.

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