Solar Panel Cost Guide in Somerset, KY (2023 Update)
- Somerset Solar Installation Cost: $15,659
- 25-Year Savings: $24,158
- Payback Period: 9.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Somerset
Let's have a look at the average cost of solar panels in Somerset.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Somerset, the average cost of solar panels is 2.34 per watt. The average solar panel system size in Somerset is around 9.6 kilowatts, meaning a cost of about $15,659 for a solar installation, or $22,392 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Somerset find installing solar panels can be quite rewarding.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Somerset
| Year | Return on Investment |
|---|---|
| 1 years | $-14,067 |
| 3 years | $-10,881 |
| 5 years | $-7,696 |
| 7 years | $-4,510 |
| 9 years | $-1,325 |
| 11 years | $1,860 |
| 13 years | $5,046 |
| 15 years | $8,231 |
| 17 years | $11,416 |
| 19 years | $14,602 |
| 21 years | $17,787 |
| 23 years | $20,973 |
| 25 years | $24,158 |
Top Solar Installers in Somerset
Many homeowners choose to hire a solar installer since installing solar panels yourself can be hard. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are several licensed solar professionals that can help you install your solar panels. 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 Somerset
Factors that Affect Solar Panel Costs in Somerset
The cost of installing a solar system in Somerset can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The model of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. 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 a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Somerset is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that provide a range of services for different budgets. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $14,772 | 10.2 years |
| 8 kW | $2.39 | $13,366 | $19,958 | 10.0 years |
| 10 kW | $2.34 | $16,380 | $25,275 | 9.8 years |
| 12 kW | $2.29 | $19,263 | $30,723 | 9.6 years |
| 14 kW | $2.25 | $22,015 | $36,302 | 9.4 years |
| 16 kW | $2.20 | $24,636 | $42,012 | 9.2 years |
| 18 kW | $2.15 | $27,125 | $47,853 | 9.0 years |
| 20 kW | $2.11 | $29,484 | $53,825 | 8.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
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 Somerset, KY Solar Cost FAQs
How much does it cost to install solar panels in Somerset?
The average cost of solar panels in Somerset 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Somerset?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside 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 way to go if you want to maximize your savings.
Does Somerset have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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.