Solar Panel Cost Guide in Wilmore, KY (2023 Update)
- Wilmore Solar Installation Cost: $15,808
- 25-Year Savings: $22,665
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wilmore
Let's take a look at the average cost of solar panels in Wilmore.
The national average cost of solar panels is $2.66 per watt, but in Wilmore it's 2.34 per watt. The average Wilmore homeowner needs a 9.7-kilowatt system, which would cost about $15,807 with the federal tax credit, or $22,604 before the 30% tax credit is applied.
Keep in mind 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 system you want, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Wilmore can save about $15,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Wilmore that can help you get a more accurate cost estimate for your home.
Solar savings over time in Wilmore
| Year | Return on Investment |
|---|---|
| 1 years | $-15,680 |
| 3 years | $-15,424 |
| 5 years | $-15,167 |
| 7 years | $-14,911 |
| 9 years | $-14,654 |
| 11 years | $-14,398 |
| 13 years | $-14,141 |
| 15 years | $-13,885 |
| 17 years | $-13,628 |
| 19 years | $-13,372 |
| 21 years | $-13,115 |
| 23 years | $-12,859 |
| 25 years | $-12,602 |
Top Solar Installers in Wilmore
When going solar, many homeowners opt to go with a solar installer since overseeing your solar installation yourself can be a challenging project. Plus, if you're unsure what type of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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 Wilmore
Factors that Affect Solar Panel Costs in Wilmore
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Wilmore: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Wilmore, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $2,340 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Wilmore to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Wilmore, you'll have many options to choose from, but each comes at different price points for labor and equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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
There are a lot of companies to choose from in Wilmore, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
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 Wilmore, KY Solar Cost FAQs
How much does it cost to install solar panels in Wilmore?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality 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.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt 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 many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.