Solar Panel Cost Guide in St. Matthews, KY (2024 Update)
- St. Matthews Solar Installation Cost: $24,524
- 25-Year Savings: $12,192
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in St. Matthews
We go over average solar pricing in St. Matthews.
The average cost of a solar system in St. Matthews is 4 per watt.Using this figure, a typical 9.6-kW system would cost about $24,524 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average St. Matthews homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in St. Matthews see about $17,000 in savings on energy bills over 20 years.
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 St. Matthews
| Year | Return on Investment |
|---|---|
| 1 years | $-23,055 |
| 3 years | $-20,118 |
| 5 years | $-17,181 |
| 7 years | $-14,243 |
| 9 years | $-11,306 |
| 11 years | $-8,369 |
| 13 years | $-5,431 |
| 15 years | $-2,494 |
| 17 years | $443 |
| 19 years | $3,380 |
| 21 years | $6,318 |
| 23 years | $9,255 |
| 25 years | $12,192 |
Top Solar Installers in St. Matthews
Many homeowners choose to hire a solar installation company since trying to install solar panels yourself can be challenging. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 St. Matthews
Factors that Affect Solar Panel Costs in St. Matthews
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in St. Matthews: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar energy 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, you can expect your total to increase by about $3,650. There are many different solar panel brands and the one you pick also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Although solar loans make switching to solar energy more accessible for St. Matthews homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a part in determining your pricing. St. Matthews’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that offers the products, warranties and services you want and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $10,064 | 15.3 years |
| 8 kW | $3.72 | $20,849 | $13,827 | 15.0 years |
| 10 kW | $3.65 | $25,550 | $17,795 | 14.7 years |
| 12 kW | $3.58 | $30,047 | $21,967 | 14.4 years |
| 14 kW | $3.50 | $34,339 | $26,344 | 14.1 years |
| 16 kW | $3.43 | $38,427 | $30,925 | 13.9 years |
| 18 kW | $3.36 | $42,311 | $35,710 | 13.6 years |
| 20 kW | $3.29 | $45,990 | $40,700 | 13.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: It’s important to read your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Make sure your solar company 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.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 St. Matthews, KY Solar Cost FAQs
What is the average cost of installing solar panels in St. Matthews?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in St. Matthews?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.