Solar Panel Cost Guide in Russell, KY (2023 Update)
- Russell Solar Installation Cost: $15,914
- 25-Year Savings: $28,347
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Russell
Find out how much it might cost to go solar in Russell.
Although the national average of solar panels is $2.66 per watt, solar panels in Russell typically cost around 2.34. Using this figure, a typical 9.7-kW system would cost about $15,921 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Russell
| Year | Return on Investment |
|---|---|
| 1 years | $-15,767 |
| 3 years | $-15,472 |
| 5 years | $-15,177 |
| 7 years | $-14,881 |
| 9 years | $-14,586 |
| 11 years | $-14,291 |
| 13 years | $-13,996 |
| 15 years | $-13,701 |
| 17 years | $-13,406 |
| 19 years | $-13,111 |
| 21 years | $-12,816 |
| 23 years | $-12,521 |
| 25 years | $-12,226 |
Top Solar Installers in Russell
Trying to install solar panels on your own can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money in the long run by offering warranties, repairs and part replacements.
There are various licensed solar professionals that can install solar panels for you. 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 Russell
Factors that Affect Solar Panel Costs in Russell
There are several factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,340. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Russell homeowners decide to finance their solar panel systems to offset upfront costs. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $17,112 | 9.3 years |
| 8 kW | $2.39 | $13,366 | $23,079 | 9.2 years |
| 10 kW | $2.34 | $16,380 | $29,176 | 9.0 years |
| 12 kW | $2.29 | $19,263 | $35,404 | 8.8 years |
| 14 kW | $2.25 | $22,015 | $41,764 | 8.6 years |
| 16 kW | $2.20 | $24,636 | $48,254 | 8.4 years |
| 18 kW | $2.15 | $27,125 | $54,876 | 8.3 years |
| 20 kW | $2.11 | $29,484 | $61,628 | 8.1 years |
How to Save on Solar Panels
The solar panel company you opt for will influence 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 some important things you should consider, such as:
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
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 Russell, KY Solar Cost FAQs
What is the average cost of installing solar panels in Russell?
This is a difficult question to answer exactly, because the cost depends on many 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Russell?
Leasing solar panels can be an option if you are unable to pay upfront or secure 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 savings from going solar.
Can you sell solar power back to the grid in Russell?
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 offer you credit toward your future utility bills.
What solar power system size is right for my home?
To figure out how many solar panels 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 home 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.