Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Lower utility costs: Generating some or all of your own energy will spend less on electricity long-term. Plus, some states provide net metering programs that allow you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
- Better energy independence: Solar panel systems can keep your home running through blackouts and emergencies. You can use your solar energy anytime with optional battery backup.
- Reduced carbon footprint: The sun is a highly abundant clean energy source, meaning you can lower or beat your home's dependence on fossil fuels.
What Solar Incentives Are Available to Owensboro Homeowners?
Governments and utility companies often incentivize homeowners for switching to solar. Here are some of the rebates, tax credits or other programs you could qualify for.
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Owensboro
The price and effectiveness of solar panels often rely on the solar company that installed them. Consider each of these elements in your service provider search.
Licensing and Training
Residential solar energy installers in Kentucky don't have to be licensed electricians or plumbers. However, a plumber or electrician licensed by the Commonwealth must be on the team to retain building permits and connect the system to meters and utility grids. Solar companies can also earn accreditations from trade groups and standards organizations. The most prestigious ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Owensboro
The style of solar panels you purchase decides how much electricity you can generate. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor provides these extras, so look for a provider that sells them if it's a priority for you.
Generally speaking, it costs about $18,250 for a five-kilowatt solar array in Owensboro. This table displays more specific costs for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,044 |
| Solar Polycrystalline | $815 |
| Thin-Film | $476 |
| Solar Battery | $668 |
| Solar Home EV Charger | $2,506 |
Financing Solar Energy in Owensboro
There are a plethora of ways to pay for a new solar system, and the right one will lower your costs. A few of the most common options include cash payments, power purchase agreements (PPAs), leases, and loans. We advise paying with cash or using a solar loan for the best return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar panel incentives to reduce your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in installments while still enjoying energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases let you rent your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each provider you're evaluating about the payment plans it offers. A team member can help you determine the most suitable option for your budget.
The table below lists the average payback periods for different capacities of solar systems in Owensboro.
A 26% federal solar tax credit applies to recently-purchased solar equipment purchased through 2032. Additional incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.3 years |
| 2 kW | 4.6 years |
| 5 kW | 11.4 years |
| 10 kW | 22.9 years |
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Frequently Asked Questions About Solar in Owensboro
How much energy and money could I save per year by switching to solar?
Is solar energy easily accessible in Owensboro?
Will solar panels raise my Owensboro home price?
What can I do to estimate my home's solar potential?
How many years does a standard solar system last?
How long does the photovoltaic installation process require?
What is "net metering," and how does it work?
Some states or utilities oblige you to join net metering when purchasing your solar system, while others give you a choice. Either way, once you sign up, you'll receive a bill credit or check for your excess generation at a wholesale or retail rate.
How many estimates should I get before making a final solar company decision?
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