Solar Panel Cost Guide in Springfield, KY (2023 Update)
- Springfield Solar Installation Cost: $15,741
- 25-Year Savings: $22,068
- Payback Period: 10.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Springfield
We go over average solar pricing in Springfield.
The national average cost of solar panels is $2.66 per watt, but in Springfield it's 2.34 per watt. The average solar panel system size in Springfield is around 9.6 kilowatts, meaning a cost of about $15,741 for a solar installation, or $22,510 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Springfield homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $15,000 on energy bills over 20 years, many homeowners in Springfield find investing in solar can be quite rewarding.
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 Springfield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,229 |
| 3 years | $-11,204 |
| 5 years | $-8,179 |
| 7 years | $-5,155 |
| 9 years | $-2,130 |
| 11 years | $895 |
| 13 years | $3,920 |
| 15 years | $6,945 |
| 17 years | $9,969 |
| 19 years | $12,994 |
| 21 years | $16,019 |
| 23 years | $19,044 |
| 25 years | $22,068 |
Top Solar Installers in Springfield
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be a lot of work. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what kind of solar equipment you need.
If you're searching for a solar installer in Springfield, we've organized a list of our top suggestions here:
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 Springfield
Factors that Affect Solar Panel Costs in Springfield
Though the average cost of a solar system in Springfield is $15,741, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Springfield homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies in Springfield, and each can charge different amounts for labor and equipment. Additionally, some companies in Springfield know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $13,375 | 10.8 years |
| 8 kW | $2.39 | $13,366 | $18,095 | 10.6 years |
| 10 kW | $2.34 | $16,380 | $22,946 | 10.4 years |
| 12 kW | $2.29 | $19,263 | $27,929 | 10.2 years |
| 14 kW | $2.25 | $22,015 | $33,042 | 10.0 years |
| 16 kW | $2.20 | $24,636 | $38,287 | 9.8 years |
| 18 kW | $2.15 | $27,125 | $43,662 | 9.6 years |
| 20 kW | $2.11 | $29,484 | $49,169 | 9.4 years |
How to Save on Solar Panels
There are many companies to choose from in Springfield, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- 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 unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Springfield, KY Solar Cost FAQs
How much does it cost to install solar panels in Springfield?
The average cost of solar panels in Springfield 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Springfield?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Springfield?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.