Solar Panel Cost Guide in Louisville, MS (2024 Update)
- Louisville Solar Installation Cost: $18,503
- 25-Year Savings: $17,142
- Payback Period: 14.1 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 Louisville
Let’s have a look at the average cost of solar panels in Louisville.
Although the national average of solar panels is $2.66 per watt, solar panels in Louisville generally cost around 3.The average Louisville homeowner needs a 8.4-kilowatt system, which would cost about $18,503 with the federal tax credit, or $26,459 before the 0 tax credit is applied.
How much you pay can be higher or lower than the average in Louisville based on a few factors, such as the model of solar panels you choose and the solar contractor you hire.Despite the high initial cost, the average Louisville homeowner can save around $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Louisville
| Year | Return on Investment |
|---|---|
| 1 years | $-16,974 |
| 3 years | $-13,916 |
| 5 years | $-10,858 |
| 7 years | $-7,800 |
| 9 years | $-4,741 |
| 11 years | $-1,683 |
| 13 years | $1,375 |
| 15 years | $4,433 |
| 17 years | $7,491 |
| 19 years | $10,550 |
| 21 years | $13,608 |
| 23 years | $16,666 |
| 25 years | $19,724 |
Top Solar Installers in Louisville
Putting up solar panels by yourself can be a dangerous task, which is why using a solar installer is a good option for many homeowners. The expertise that solar installers offer can be valuable as well, particularly if you don’t quite know what brand of solar equipment you need.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Louisville
Factors that Affect Solar Panel Costs in Louisville
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Louisville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Louisville offer solar loans, which reduce the initial cost of installing solar.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can influence the cost. Louisville’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Louisville have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $3.27 | $13,716 | $9,590 | 14.7 years |
| 8 kW | $3.20 | $17,936 | $13,139 | 14.4 years |
| 10 kW | $3.14 | $21,980 | $16,863 | 14.1 years |
| 12 kW | $3.08 | $25,848 | $20,763 | 13.9 years |
| 14 kW | $3.01 | $29,541 | $24,839 | 13.6 years |
| 16 kW | $2.95 | $33,058 | $29,091 | 13.3 years |
| 18 kW | $2.89 | $36,399 | $33,519 | 13.0 years |
| 20 kW | $2.83 | $39,564 | $38,123 | 12.7 years |
How to Save on Solar Panels
The solar panel company 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 a few important things you should take into account, including:
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which installer you should go with, since different companies have access to different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, completion timeline rebates and warranties.
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 Louisville, MS Solar Cost FAQs
What is the average cost of installing solar panels in Louisville?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $15,700 for a 5-kW system and $31,400 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 above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Louisville?
Leasing solar panels can be an option if you can’t afford to pay upfront or get 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 bang for your buck from going solar.
Is it worth going solar in Louisville?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know 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 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.