Solar Panel Cost Guide in Wilmore, KY (Feb 2023)

  • Wilmore Solar Installation Cost: $15,807
  • 25-Year Savings: $22,667
  • Payback Period: 10.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Wilmore

We break down average solar pricing in Wilmore.

The average cost of a solar system in Wilmore is $2 per watt. Since a 9.7-kW system is needed to cover the energy usage of a typical home in Wilmore, the average price of going solar will be about $15,807 before claiming the federal solar tax credit of 30%.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Despite the high initial cost, the average Wilmore homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the advantages of solar.

For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Wilmore

Year Return on Investment
1 years $-14,268
3 years $-11,190
5 years $-8,112
7 years $-5,034
9 years $-1,956
11 years $1,122
13 years $4,199
15 years $7,277
17 years $10,355
19 years $13,433
21 years $16,511
23 years $19,589
25 years $22,667

Top Solar Installers in Wilmore

Installing solar panels by yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. The expertise that solar companies offer can be useful as well, especially if you aren't sure what type of solar equipment you need.

Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Wilmore

Factors that Affect Solar Panel Costs in Wilmore

Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Wilmore: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you choose 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 solar panels out of pocket is difficult, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar installer you choose to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies in Wilmore, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.

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 $13,697 10.7 years
8 kW $2.39 $13,366 $18,525 10.5 years
10 kW $2.34 $16,380 $23,484 10.3 years
12 kW $2.29 $19,263 $28,574 10.1 years
14 kW $2.25 $22,015 $33,795 9.9 years
16 kW $2.20 $24,636 $39,147 9.7 years
18 kW $2.15 $27,125 $44,630 9.5 years
20 kW $2.11 $29,484 $50,244 9.2 years

How to Save on Solar Panels

The solar installer you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, including:

  • Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
  • Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
  • Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Wilmore, KY Solar Cost FAQs

How much does it cost to install solar panels in Wilmore?

The average cost of solar panels in Wilmore 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.

Should I lease or buy solar panels in Wilmore?

Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.

Do solar panels increase your home value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wilmore is currently $171,178, so you can look forward to a value of about $7,018 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Wilmore is a worthwhile investment.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.

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