Solar Panel Cost Guide in Rineyville, KY (Mar 2023)
- Rineyville Solar Installation Cost: $15,627
- 25-Year Savings: $25,470
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Rineyville
We go over average solar pricing in Rineyville.
The average cost of solar panels in Rineyville is 2.34 per watt. The average solar panel system size in Rineyville is around 9.5 kilowatts, meaning a cost of about $15,627 for a solar installation, or $22,347 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar panel company in Rineyville for a custom estimate.
Solar savings over time in Rineyville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,983 |
| 3 years | $-10,695 |
| 5 years | $-7,407 |
| 7 years | $-4,120 |
| 9 years | $-832 |
| 11 years | $2,456 |
| 13 years | $5,744 |
| 15 years | $9,031 |
| 17 years | $12,319 |
| 19 years | $15,607 |
| 21 years | $18,895 |
| 23 years | $22,182 |
| 25 years | $25,470 |
Top Solar Installers in Rineyville
When switching to solar energy, many homeowners decide to hire a solar installer since putting up solar panels yourself can be a difficult project. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are a number of 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 (coming 2022)
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 Rineyville
Factors that Affect Solar Panel Costs in Rineyville
Although the average cost of a solar system in Rineyville is $15,627, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,340. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Rineyville, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Rineyville, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your overall costs, so it's important to include that in your estimate 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
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Rineyville, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $15,624 | 9.9 years |
| 8 kW | $2.39 | $13,366 | $21,094 | 9.7 years |
| 10 kW | $2.34 | $16,380 | $26,696 | 9.5 years |
| 12 kW | $2.29 | $19,263 | $32,428 | 9.3 years |
| 14 kW | $2.25 | $22,015 | $38,291 | 9.1 years |
| 16 kW | $2.20 | $24,636 | $44,286 | 8.9 years |
| 18 kW | $2.15 | $27,125 | $50,411 | 8.7 years |
| 20 kW | $2.11 | $29,484 | $56,667 | 8.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Rineyville, KY Solar Cost FAQs
What is the average cost of installing solar panels in Rineyville?
The average cost of solar panels in Rineyville 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 type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Rineyville?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a 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 install 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.