Solar Panel Cost Guide in Stanford, KY (2024 Update)
- Stanford Solar Installation Cost: $24,537
- 25-Year Savings: $23,976
- Payback Period: 15.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Stanford
Let’s have a look at the average cost of solar panels in Stanford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Stanford, the typical cost of a solar system is 4 per watt.Using this figure, a typical 9.6-kW system would cost about $24,537 before the 0 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 needs, the type of solar panels you choose, your solar contractor and more.Many homeowners find installing a solar system is a solid investment. The average homeowner in Stanford can save around $16,000 on their energy bills over 20 years.
To get a free quote from a highly rated solar company in Stanford, you can click the button below.
Solar savings over time in Stanford
| Year | Return on Investment |
|---|---|
| 1 years | $-23,158 |
| 3 years | $-20,400 |
| 5 years | $-17,643 |
| 7 years | $-14,885 |
| 9 years | $-12,127 |
| 11 years | $-9,369 |
| 13 years | $-6,612 |
| 15 years | $-3,854 |
| 17 years | $-1,096 |
| 19 years | $1,662 |
| 21 years | $4,419 |
| 23 years | $7,177 |
| 25 years | $9,935 |
Top Solar Installers in Stanford
When making the switch to solar, many homeowners choose to use a solar installer since installing a solar system yourself can be a challenging project. Solar warranties and repairs are typically included in the cost of installation when you opt for a solar contractor too, which can save you more money over time.
If you’d like to start using solar energy but still aren’t sure which solar panel company to go with, here are our recommendations for providers near you:
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 Stanford
Factors that Affect Solar Panel Costs in Stanford
There are a number of factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,650 per kilowatt in Stanford.There are a lot of different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
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 decide to finance their solar panel systems to offset upfront costs.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Some companies 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 come at a higher cost. It’s best to do some research and go with the company that has the products, warranties and services you’re looking for 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 | $3.80 | $15,943 | $8,864 | 16.1 years |
| 8 kW | $3.72 | $20,849 | $12,227 | 15.8 years |
| 10 kW | $3.65 | $25,550 | $15,795 | 15.4 years |
| 12 kW | $3.58 | $30,047 | $19,568 | 15.1 years |
| 14 kW | $3.50 | $34,339 | $23,544 | 14.8 years |
| 16 kW | $3.43 | $38,427 | $27,725 | 14.5 years |
| 18 kW | $3.36 | $42,311 | $32,111 | 14.2 years |
| 20 kW | $3.29 | $45,990 | $36,701 | 13.9 years |
How to Save on Solar Panels
The solar panel company you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: The model of solar panel you’d like plays a role in which company you should choose, since different companies offer different panels.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
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 Stanford, KY Solar Cost FAQs
How much does it cost to install solar panels in Stanford?
The average cost of solar panels in Stanford is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact the value of my home?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Stanford?
On average, the lifespan of solar panels is 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 higher level 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.