Solar Panel Cost Guide in Providence, KY (2023 Update)
- Providence Solar Installation Cost: $15,332
- 25-Year Savings: $26,871
- Payback Period: 9.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Providence
See how much it might cost to install solar panels in Providence.
The average cost of a solar panel system in Providence is 2.34 per watt. Since a 9.4-kW system is needed to cover the energy usage of a typical home in Providence, the average price of going solar will be about $15,332 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more. With average savings of about $17,000 on utility bills over 20 years, many homeowners in Providence find going solar has a decent ROI.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Providence
| Year | Return on Investment |
|---|---|
| 1 years | $-13,644 |
| 3 years | $-10,267 |
| 5 years | $-6,891 |
| 7 years | $-3,515 |
| 9 years | $-139 |
| 11 years | $3,237 |
| 13 years | $6,614 |
| 15 years | $9,990 |
| 17 years | $13,366 |
| 19 years | $16,742 |
| 21 years | $20,118 |
| 23 years | $23,495 |
| 25 years | $26,871 |
Top Solar Installers in Providence
Installing solar panels by yourself can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
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 Providence
Factors that Affect Solar Panel Costs in Providence
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,340. The kind of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Providence average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Providence homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your overall costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can affect the cost. Providence's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Providence know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $2.43 | $10,221 | $16,822 | 9.4 years |
| 8 kW | $2.39 | $13,366 | $22,692 | 9.3 years |
| 10 kW | $2.34 | $16,380 | $28,693 | 9.1 years |
| 12 kW | $2.29 | $19,263 | $34,824 | 8.9 years |
| 14 kW | $2.25 | $22,015 | $41,087 | 8.7 years |
| 16 kW | $2.20 | $24,636 | $47,481 | 8.5 years |
| 18 kW | $2.15 | $27,125 | $54,005 | 8.4 years |
| 20 kW | $2.11 | $29,484 | $60,661 | 8.2 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types 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, such as:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable 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 check your installer's reputation is by reading reviews.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates 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 Providence, KY Solar Cost FAQs
How much does it cost to install solar panels in Providence?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly 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 other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $901.45 per year.
How long do solar panels last in Providence?
On average, solar panels can last 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 higher amount 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.