Are you considering going solar and wondering how much solar panels for a home cost?
The cost of photovoltaic (PV) solar panel systems has dropped by more than 80% in the past 10 years. So, although Kentucky has fewer subsidies than other states for solar energy systems, they are more affordable than you might think.
Here’s what you need to know about the cost of installing solar panels for home use in Kentucky.
Solar Panel Installation Costs
The average cost of installing a solar system for home use in Kentucky ranges between around $8,700-10,700. You can earn this money back from savings to your energy bill in 5-6 years, and it can save you around $40,000-50,000 over 25 years.
The best solar panels for home use are those with the highest efficiency. These can save you the most money over time, as they will continue to generate power close to full capacity over the longest lifespan.
When choosing a solar installer, find out which equipment they use. If you are looking for an installer in your area, check out blueravensolar.com/kentucky/.
How Solar Panels for Home Save You Money
Using solar power for home electricity supply can save you money by cutting the amount of energy you use from your utility, reducing your energy bills. Energy costs are rising in Kentucky, with utilities raising their prices several times in the past few years.
The solar panels on your property generate power by converting sunlight into energy. Once you’ve recovered the cost of installing the panels, the electricity you generate is free.
Kentucky receives an average of five peak sun hours a day, making solar a viable source of energy for homes across the state.
Solar Incentives in Kentucky
The federal government offers a solar investment tax credit (ITC) that reduces the cost of installing a solar system for home use.
Homeowners that pay income tax can claim a 26% tax credit against the installation cost for systems installed in 2020-2022, and 22% for installations in 2023. The property where the panels are installed must be your primary or secondary residence, and you must own the system outright.
The credit includes expenses for solar PV panels and other system equipment, contractor costs, energy storage devices, and sales taxes.
At the state level, you can make further savings by signing up for net metering from your utility, which will pay you for excess solar energy that your home does not consume, but instead sends to the electricity grid.
Solar Panels for Home Cost Less Than You Might Expect
The sum of money that solar panels for a home cost is falling, and you can claim government subsidies to cut prices further. Installing solar panels for home use will save you money on your household energy bills and reduce your carbon footprint.
Did you find this guide useful? If so, check out the rest of the blog for more home and lifestyle tips.