Solar Panel Cost Guide in Louisville, OH (2024 Update)
- Louisville Solar Installation Cost: $18,563
- 25-Year Savings: $13,327
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Louisville
We go over average solar pricing in Louisville.
The average cost of a solar system in Louisville is 3 per watt.Using this figure, a typical 7.8-kW system would cost about $18,563 before the 0 federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Louisville based on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.But, once you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Louisville
| Year | Return on Investment |
|---|---|
| 1 years | $-17,343 |
| 3 years | $-14,903 |
| 5 years | $-12,462 |
| 7 years | $-10,022 |
| 9 years | $-7,581 |
| 11 years | $-5,141 |
| 13 years | $-2,700 |
| 15 years | $-260 |
| 17 years | $2,181 |
| 19 years | $4,621 |
| 21 years | $7,062 |
| 23 years | $9,502 |
| 25 years | $11,943 |
Top Solar Installers in Louisville
When making the switch to solar, many homeowners choose to go with a solar company since installing solar panels yourself can be a difficult project. Also, if you’d like to maximize your investment in solar energy, using a solar company can help with that as well. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost 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
See all of the solar companies in Louisville
Factors that Affect Solar Panel Costs in Louisville
For many Louisville homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Louisville, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,410. There are many different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking 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
If paying for solar panels in cash is too expensive, solar loans are a solid option because they decrease your upfront costs and let you pay for your system over five to seven years on average.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Louisville, and each can charge different amounts for labor and equipment.Additionally, some companies in Louisville know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.55 | $14,895 | $6,139 | 17.7 years |
| 8 kW | $3.48 | $19,478 | $8,568 | 17.4 years |
| 10 kW | $3.41 | $23,870 | $11,187 | 17.0 years |
| 12 kW | $3.34 | $28,071 | $13,998 | 16.7 years |
| 14 kW | $3.27 | $32,081 | $16,999 | 16.3 years |
| 16 kW | $3.21 | $35,900 | $20,191 | 16.0 years |
| 18 kW | $3.14 | $39,529 | $23,574 | 15.7 years |
| 20 kW | $3.07 | $42,966 | $27,148 | 15.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar companies 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 go with.
- Installation Process: When making the switch to solar, it’s essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Louisville, OH Solar Cost FAQs
How much does it cost to install solar panels in Louisville?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper 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.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Louisville is currently $214,583, which means you can look forward to a value of about $8,798 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Louisville 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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.