Solar Panels Cost $0k-$0k in Hancock County, KY | November, 2024
High Power Bills?
Reduce or replace your electricity bill with solar
No data available
How much do solar panels cost in Hancock County, KY in 2024?
No data available
In the month of November, 2024 in Hancock County, KY you'll pay approximately $0 per watt to go solar.
So, for every 1000 watts (or 1 Kw) your system can generate you will spend $0 to get your system installed in . When you consider the 30% federal tax credit, you can expect to pay around $0 for a 5 kW system in Hancock County. However, a 5kW systemmay not be enough to fulfill your energy needs.
On the left-hand side, pick your county to determine the average roof size and the average maximum capacity for solar panel systems on homes within your area. Displayed below is a breakdown of the costs, 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.
Hancock County: $0US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Hancock 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.
Hancock County: $41,801US Average: $16,169
Solar Potential in Hancock County
Estimated system size and solar electricity production per median viable roof in Hancock County.
Roof size 804sq. ft.
Capacity 11.25kW DC
Electricity 13.3kkWh AC per yr.
Electricity Costs in Hancock County, KY & What that Means for Your Solar Panel Pricing
The typical electricity bill for a Hancock County resident is 174.17, with a monthly consumption of 1,176 kWh. Please note that this statistic includes apartments and smaller homes, which typically have reduced energy needs.
For November 2024, the mean electricity rate in Hancock County, KY is 14.81¢ per kWh.
Initially, a 10 kW setup is priced at $0, but after a 30% tax credit, you’re looking at a total of $0.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Hancock County
Displayed on the left and below is the price breakdown for different sizes of the solar panel systems installed in Hancock County. While a more extensive solar installation has a higher price, it also yields higher electricity savings and more substantial income tax credits.
The solar panel cost calculator to the right and below breaks down costs and benefits, using an average $174.17 electric bill in Hancock County Change the $174.17 to your average bill payment for custom 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 $1,313 a year
Est. Price
$0
Savings from a 6kWthis system
Est. yearly production 8,752 kWh
Est. monthly savings $109
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 4.36 tons a year
Equivalent to planting 200 trees a year
Equivalent to driving 10,798 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,532 a year
Est. Price
$0
Savings from a 7kWthis system
Est. yearly production 10,211 kWh
Est. monthly savings $128
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 5.09 tons a year
Equivalent to planting 234 trees a year
Equivalent to driving 12,598 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,750 a year
Est. Price
$0
Savings from a 8kWthis system
Est. yearly production 11,669 kWh
Est. monthly savings $146
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 5.82 tons a year
Equivalent to planting 267 trees a year
Equivalent to driving 14,398 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,969 a year
Est. Price
$0
Savings from a 9kWthis system
Est. yearly production 13,128 kWh
Est. monthly savings $164
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 6.54 tons a year
Equivalent to planting 301 trees a year
Equivalent to driving 16,197 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $2,188 a year
Est. Price
$0
Savings from a 10kWthis system
Est. yearly production 14,586 kWh
Est. monthly savings $174
Full payback in 0 years
Environmental Impacts
Reduces CO2 emissions by 6.94 tons a year
Equivalent to planting 319 trees a year
Equivalent to driving 17,175 mi less a year
Hancock County Solar Panel Installation Incentives & Rebates | 2024
The REAP Grant can potentially cover between 80% and 100% of the installation costs for photovoltaic or wind turbines for rural small businesses and farms. If you believe yourself eligible, we recommend utilizing our REAP Grant eligibility tool to confirm your qualification.
Most residents can qualify for a 30% federal income tax credit for residential solar, which makes it a practical option in numerous areas of the United States. Along with that, there are several state and local efforts designed to further encourage the uptake of solar energy.
Kentucky offers 6 solar rebate and incentive initiatives through different 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 Hancock County, KY?
If you're planning to stay in your home past the period required to pay back your solar investment, installing solar panels is a good decision in Hancock County. If you install a 5 kW solar system in Hancock County, KY, you might save $41,800.8 over 20 years on average, with a break even point at around 0 years.
The cost of not having solar panels in Hancock County, KY
Beyond forgoing the savings, the absence of solar panels or another backup energy source results in full dependence on your electric utility for your power needs. As shown by many recent news reports, full reliance on your utility is not always ideal.
Yearly, customers in Hancock County have encountered approximately 1.55 utility outages.Yearly, customers in Hancock County have encountered approximately 1.55 utility outages. Usually, outages have an average duration of 134.99 minutes. However, during critical events like equipment failure, wildfires or vandalism, these times can extend dramatically.
View the graphic below to see the number of current electricity customers without power in Hancock County.
Whether it includes a backup battery or not, a solar panel system could ease the burden of any future power interruptions you may experience.
Power Outages
Currently, 0 customers are being tracked in Hancock County.
What impacts the cost of solar panels in Hancock County, KY?
Your Energy Needs - The initial investment for larger solar panel installations is greater, but the average price per watt drops as the system grows. Many consumers realize it's a great idea to set up a solar system that can produce enough power to fully cover their electric bill, because it helps them save more money.
Make & Model - Just like other products, solar panels and mounting equipment are available in a range of makes and models. The potential brand preferences of your selected installer make it essential to choose a recommended company. For buyers desiring a better long-term experience, opting for higher quality makes and models is critical.
Solar Panel Type - For good reason why monocrystalline panels are now the industry standard. These panels cost more but yield a higher energy efficiency. The majority of installers in the industry work with panels made from this material.
Your Property - Each property and home has its own unique features. Uneven ground, trees, or other challenges may add to the difficulty of the installation. Solar installers today frequently utilize satellite imagery to evaluate your home and factor in these factors into the preliminary cost estimate.
Labor Rates - Employees receive varied wages from different companies, and these costs are passed on to the consumers. Usually, companies paying more in wages also enjoy higher ratings for their services and customer service.
Permitting & Interconnection - Installation costs will be impacted by varying local permitting and utility interconnection fees, depending on the region. Good installers will factor these costs into your preliminary quotes to prevent unexpected expenses.
See what solar panels cost in other Hancock County cities
Go Solar for less than your cell phone bill.
Who are the best solar installers in Hancock County?
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Hancock County, KY Solar Panel Cost FAQs
As of November, 2024, the average per-watt cost for solar panels in Hancock County, KY is $0/W. After federal tax credits, the installation of a 5 kW solar panel system in Hancock County, KY is estimated to cost $0.
In Kentucky, you have access to 6 rebates and incentives provided by numerous utilities and government organizations. Moreover, nearly everyone is eligible for the 30% federal income tax credit.
Choosing to pay cash provides the most savings, but today there are many financing options for solar panels that are also cost-effective. Information about financing options is typically included in initial quotes provided by installers.
Yes, homeowners in Hancock County, KY generally see a payback time of 0 years for 5 kW solar panel systems, with electricity savings averaging $41,800.8 over a 20-year period.
Savings from 
Environmental Impacts 
