Solar Panel Cost Guide in Stanford, KY (Mar 2023)
- Stanford Solar Installation Cost: $15,725
- 25-Year Savings: $23,982
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Stanford
Find out how much it might cost to go solar in Stanford.
The national average cost of solar panels is $2.66 per watt, but in Stanford it's 2.34 per watt. The average Stanford homeowner needs a 9.6-kilowatt system, which would cost about $15,725 with the federal tax credit, or $22,487 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. With typical savings of about $16,000 on power bills over 20 years, many homeowners in Stanford find going solar can be quite rewarding.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Stanford
| Year | Return on Investment |
|---|---|
| 1 years | $-14,137 |
| 3 years | $-10,960 |
| 5 years | $-7,783 |
| 7 years | $-4,607 |
| 9 years | $-1,430 |
| 11 years | $1,746 |
| 13 years | $4,923 |
| 15 years | $8,099 |
| 17 years | $11,276 |
| 19 years | $14,452 |
| 21 years | $17,629 |
| 23 years | $20,805 |
| 25 years | $23,982 |
Top Solar Installers in Stanford
Installing solar panels by yourself can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're looking for a solar installer in Stanford, the EcoWatch team has compiled 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 (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 Stanford
Factors that Affect Solar Panel Costs in Stanford
Although the average cost of a solar system in Stanford is $15,725, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,340 per kilowatt in Stanford. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Stanford average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Stanford homeowners opt to finance their solar panel systems to offset upfront costs. Although solar loans make going solar more accessible for Stanford homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — 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 find a company that offers the products, warranties and services you want and also fit into 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 | $2.43 | $10,221 | $14,586 | 10.3 years |
| 8 kW | $2.39 | $13,366 | $19,710 | 10.1 years |
| 10 kW | $2.34 | $16,380 | $24,965 | 9.9 years |
| 12 kW | $2.29 | $19,263 | $30,351 | 9.7 years |
| 14 kW | $2.25 | $22,015 | $35,869 | 9.5 years |
| 16 kW | $2.20 | $24,636 | $41,517 | 9.3 years |
| 18 kW | $2.15 | $27,125 | $47,296 | 9.1 years |
| 20 kW | $2.11 | $29,484 | $53,207 | 8.9 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. Because picking a company can be difficult, we have some tips to help you, such as:
- Installation Process: When making the switch to solar power, it's essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
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 Stanford, KY Solar Cost FAQs
What is the average cost of installing solar panels in Stanford?
This is a tough 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Stanford?
Leasing solar panels can be an attractive choice, because it usually 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 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.
How will having solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Stanford is currently $114,900, so you can expect a value of about $4,711 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Stanford is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.