Solar Panel Cost Guide in Taylor Mill, KY (2023 Update)
- Taylor Mill Solar Installation Cost: $15,872
- 25-Year Savings: $20,512
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Taylor Mill
We break down average solar pricing in Taylor Mill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Taylor Mill, the average cost of solar panels is 2.34 per watt. Using this figure, a typical 9.7-kW system would cost about $15,872 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely look different based on factors unique to your home and what company you choose to go with. For most homeowners, the upfront investment in solar power is worth paying. On average Taylor Mill homeowners see about $14,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Taylor Mill
| Year | Return on Investment |
|---|---|
| 1 years | $-14,677 |
| 3 years | $-12,288 |
| 5 years | $-9,899 |
| 7 years | $-7,510 |
| 9 years | $-5,120 |
| 11 years | $-2,731 |
| 13 years | $-342 |
| 15 years | $2,047 |
| 17 years | $4,437 |
| 19 years | $6,826 |
| 21 years | $9,215 |
| 23 years | $11,605 |
| 25 years | $13,994 |
Top Solar Installers in Taylor Mill
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be a lot of work. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Taylor Mill
Factors that Affect Solar Panel Costs in Taylor Mill
The cost of installing a solar system in Taylor Mill can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,340. The type of 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. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Taylor Mill average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are offered by most installers in Taylor Mill, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Taylor Mill, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Taylor Mill know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $12,308 | 11.3 years |
| 8 kW | $2.39 | $13,366 | $16,673 | 11.1 years |
| 10 kW | $2.34 | $16,380 | $21,168 | 10.9 years |
| 12 kW | $2.29 | $19,263 | $25,795 | 10.7 years |
| 14 kW | $2.25 | $22,015 | $30,553 | 10.5 years |
| 16 kW | $2.20 | $24,636 | $35,442 | 10.3 years |
| 18 kW | $2.15 | $27,125 | $40,462 | 10.0 years |
| 20 kW | $2.11 | $29,484 | $45,613 | 9.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Taylor Mill, KY Solar Cost FAQs
What is the average cost of installing solar panels in Taylor Mill?
The average cost of solar panels in Taylor Mill is about $11,700 for a 5-kW system and $23,400 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value 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 Taylor Mill?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.