Solar Panels Cost $0k-$0k in Floyd County, KY | November, 2024
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How much do solar panels cost in Floyd County, KY in 2024?
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Getting solar panels in the month of November, 2024 in Floyd County, KY costs approximately $0/W.
It will cost $0, on average, for every 1000 watts (1 kW) of capacounty that your solar panels have. On average, the cost for a 5 kW panel install in Floyd County, after the 30% federal tax credit, is approximately $0. It's vital to consider that a higher capacity system could be required to fully meet your energy requirements.
On the left, choose your county to see the typical roof size and the maximum generation capacity for solar panels on homes in your area. Below, you'll find a full outline of the price, payback period, and 20-year average savings for a 5 kW system in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Floyd County: $0US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Floyd County: 0 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Floyd County: $40,517US Average: $16,169
Solar Potential in Floyd County
Estimated system size and solar electricity production per median viable roof in Floyd County.
Roof size 804sq. ft.
Capacity 11.25kW DC
Electricity 13.3kkWh AC per yr.
Electricity Costs in Floyd County, KY & What that Means for Your Solar Panel Pricing
In Floyd County, energy consumers typically see an average electric bill of 168.82 each month, with an average consumption of 1,189 kWh. Flats and other smaller housing units with diminished energy consumption are covered in this number.
The rate of electricity in Floyd County, KY, on average, is 14.2¢ per kWh in November 2024.
At this time, a 10 kW solar installation will initially set you back around $0, but the federal tax credit reduces the price by 30%, making it $0.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Floyd County
To your left, we've provided a full pricing details for the various solar panel system sizes set up in Floyd County. Of course, a more extensive solar system requires a higher upfront cost, but it also translates to increased electricity savings and higher income tax credits.
The solar panel cost and benefit breakdown, shown in the calculator to the right and below, is based on an average electric bill of $168.82 in Floyd County. Just replace the $168.82 with your average electricity bill amount to see more specific results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,225 a year
Est. Price
$0
Savings from a 6kWthis system
Est. yearly production 8,752 kWh
Est. monthly savings $102
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 7.72 tons a year
Equivalent to planting 354 trees a year
Equivalent to driving 19,097 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,429 a year
Est. Price
$0
Savings from a 7kWthis system
Est. yearly production 10,211 kWh
Est. monthly savings $119
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 9 tons a year
Equivalent to planting 413 trees a year
Equivalent to driving 22,280 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,634 a year
Est. Price
$0
Savings from a 8kWthis system
Est. yearly production 11,669 kWh
Est. monthly savings $136
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 10.29 tons a year
Equivalent to planting 472 trees a year
Equivalent to driving 25,462 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,838 a year
Est. Price
$0
Savings from a 9kWthis system
Est. yearly production 13,128 kWh
Est. monthly savings $153
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 11.57 tons a year
Equivalent to planting 532 trees a year
Equivalent to driving 28,645 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,042 a year
Est. Price
$0
Savings from a 10kWthis system
Est. yearly production 14,586 kWh
Est. monthly savings $169
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 12.77 tons a year
Equivalent to planting 587 trees a year
Equivalent to driving 31,608 mi less a year
Floyd County Solar Panel Installation Incentives & Rebates | 2024
Eligible rural small businesses and agricultural operations might have their solar energy or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Believe you might be eligible? Use our REAP Grant eligibility tool to check your eligibility.
With the accessibility of a 30% federal income tax credit, solar energy becomes a viable solution for most homeowners, notably in numerous parts of the country. There are also a range of state and local efforts aimed at boosting solar energy use.
Kentucky has 6 solar rebate and incentive initiatives available from multiple utilities and government agencies.
Solar incentives in KYIncentive Description Value
Tax Exemption for Large-Scale Renewable Energy Projects
Value:Varies
Beginning in 2007, companies operating in Kentucky may be entitled to corporate sales or income tax exemptions on new energy efficiency or renewable energy investments. A complete sales tax exemption may apply to any materials or equipment a company uses to make improvements. Certain employees whose jobs were created as part of the improvements may write off a 4% wage assessment on their own income taxes. A minimum investment of $1 million is required. New solar facilities should be rated for at least 50 KW, while systems using other renewable technology should be rated for at least 1 MW. Additional information is available from the Think Kentucky website.
On-Farm Energy Efficiency Grant Program
Value:Varies
The Office of Agricultural Policy, a unit of the office of the Kentucky governor, oversees the County Agricultural Investment Program (CAIP). Farmers may be eligible for program grants to fund energy efficiency improvements. Eligible projects for grant funding include new implements, insulation/weatherization, lighting, HVAC, windows, roofing, and smart thermostats. New solar thermal/PV systems and wind turbines may also be eligible. Equipment and building materials must meet certain state efficiency standards. Interested farmers may apply at any time and will be considered for the upcoming program year. Additional information is available from the OAP website.
Net Metering
Value:Varies
Kentucky requires private electrical utilities in the Commonwealth to collect renewable energy credits through net metering arrangements with their customers. Any solar, wind, biomass, or other renewable energy system rated for under 45 kW should have a bidirectional meter equipped to measure net excess generation (NEG) sent back to the grid. Customers will be compensated at a rate set by the state utility regulator. As of 2021, the rate per kilowatt hour is 9.746 cents. Systems entering a net metering contract must comply with certain IEEE and UL standards. Utilities reserve the right to restrict NEG exports to keep the grid stable. Additional information is available from the Kentucky Public Service Commission website.
Incentives for Energy Independence
Value:Varies
Various tax incentives are available in Kentucky to encourage renewable adoption research and adoption in the Commonwealth. New renewable generation farms, such as those using solar, wind, or biomass technology, may be totally exempt from state income tax, entity tax, and sales/use tax. Employees maintaining the systems may be entitled to tax credits equal to a 4% wage assessment on employers. Exemptions or special assessments are determined on a case-by-case basis and will last for up to 25 years. Certain administrative fees payable to the Kentucky Economic Development Finance Authority may apply. Additional information is available from the Think Kentucky website.
Energy Efficiency Loans for State Government Agencies
Value:Varies
The Green Bank of Kentucky (GBKY) received seed funding from the 2009 federal stimulus package. Currently, the Bank offers revolving loans to commonwealth government agencies for sustainability projects. Agencies may select from three different loan options. In each case, repaid principal will immediately "revolve" to support subsequent borrowers. SELF loans may fund any energy efficiency improvements or renewable energy investments that will reduce consumption by 20%. Available principal ranges from $50K to a maximum of $225K. Hybrid loans offer principal from $50K to $600K. These loans require energy audits before project work begins, the cost of which may be covered by loan funds. Agencies have the burden of procuring contractors and new equipment/materials. ESPC loans are designed for comprehensive or large-scale industrial improvements. Loan principal starts at $600K with no maximum. The applicant must use a recognized Energy Service Company or Energy Savings Performance Company for the work. Additional information is available from the GBKY website.
Interconnection Standards
Value:Varies
Distributed generation and interconnection have been standardized by the Kentucky Public Service Commission since 2009. Each energy system connected to the commonwealth grid will be assigned to a numerical "level" based on rated capacity. Systems at each level must follow recognized standards such as those set by IEEE or UL. Interconnection fees and application review turnaround will depend on the system's level. Customers must carry at least minimum liability insurance coverage on their energy system, and they may be required to install disconnect switches or other safety features by their utility. However, they will own any renewable energy credits they generate and may sell them to the utility at their discretion.
Are solar panels worth it in Floyd County, KY?
If you're expecting to live in your home past the solar system's payback period, solar panels are a good decision in Floyd County. In Floyd County, KY, a 5 kW solar system installation might save you $40,516.8 on average over 20 years, with a standard break even point of 0 years.
The cost of not having solar panels in Floyd County, KY
The lack of solar panels or an alternative energy backup means you'll forgo the earlier mentioned savings and be completely reliant on your electric utility for power. Recent media examples have shown that full reliance on your utility company isn't always ideal.
There are about 2.38 outages per customer annually in Floyd County. The average duration of each outage is 488.82 minutes. During severe events like lightning strikes, equipment failure, or vandalism, these times can grow significantly longer.
View the graphic below to see the number of current electricity customers without power in Floyd County.
With or without a backup battery, a solar panel system could relieve the stress of future power disruptions you might encounter.
Power Outages
Currently, 0 customers are being tracked in Floyd County.
What impacts the cost of solar panels in Floyd County, KY?
Your Energy Needs - The cost per watt is decreased with larger solar panel systems, even though the initial cost is greater. Setting up a solar panel system that can cover the electric bill is advantageous to consumers because of the money saved.
Make & Model - Similar to many other products, there are different makes and models of solar panels and mounting equipment on the market. Your contractor’s potential system preferences make it more important to select a reputable installer. Higher quality makes and models often provide a more positive long-term experience for buyers.
Solar Panel Type - Monocrystalline panels are generally accepted as the standard in the industry, and deservedly so. Even though they are more expensive, they generate more energy. The majority of installers work with panels constructed from this material.
Your Property - No two homes or properties are the same. Elements such as trees, uneven ground, or additional obstacles might complicate the installation process. These days, the majority of solar installers can assess your home with satellite images and factor in these considerations in the preliminary cost estimate.
Labor Rates - Various wages are offered to employees by various companies, and these expenses are transferred to the consumers. Higher wages frequently lead to companies getting better reviews for their work and customer service.
Permitting & Interconnection - Local permitting and utility interconnection fees, which differ by region, will influence your final installation cost. Experienced local installers will incorporate these numbers into your first quotes to avoid any surprises.
See what solar panels cost in other Floyd County cities
Go Solar for less than your cell phone bill.
Who are the best solar installers in Floyd County?
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Floyd County, KY Solar Panel Cost FAQs
In Floyd County, KY, the mean cost per watt for solar panels as recorded in November, 2024 is $0/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Floyd County, KY is roughly $0.
Homeowners in Kentucky can take advantage of 6 different rebates and incentives from a variety of utility companies and government agencies. Additionally, almost everyone is entitled to the 30% federal income tax credit.
Although cash payments yield the greatest savings, numerous financing options for solar panels now exist that are also cost-effective. Many installers will detail information about their financing partners in the initial quotes they provide.
Yes, the average 5 kW solar panel payback time in Floyd County, KY is 0 years, with expected savings of $40,516.8 on electricity over 20 years.
Savings from 
Environmental Impacts 
