Solar Panels Cost $14k-$23k in Madison County, KY | November, 2024
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How much do solar panels cost in Madison County, KY in 2024?
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To go solar in Madison County, KY averages out to $3.4 per watt in November, 2024.
According to the cost per watt, you can conclude that for every 1 kW (1000 watts) of solar generation capacounty will cost you $3,400 for installation. After receiving the 30% federal tax credit, you can expect to spend about $11,900 for a 5 kW panel install in Madison County. Your electricity consumption levels could need a larger system.
On the left-hand side, you can choose your county to find out the typical roof size and the maximum capacity for solar panels in residences in your area. The following outline, below, highlights the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Madison County: $11,900US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Madison County: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Madison County: $18,573US Average: $16,169
Solar Potential in Madison County
Estimated system size and solar electricity production per median viable roof in Madison County.
Roof size 804sq. ft.
Capacity 11.25kW DC
Electricity 13.1kkWh AC per yr.
Electricity Costs in Madison County, KY & What that Means for Your Solar Panel Pricing
For Madison County households, the average monthly kWh usage is 1,188, with an average electric bill of 148.22. Bear in mind that this figure encompasses both apartments and smaller homes, which generally require reduced energy.
The rate of electricity in Madison County, KY, on average, is 12.47¢ per kWh in November 2024.
You'll spend $23,800 on a 10 kW solar panel installation after taking the 30% federal income tax credit into consideration.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Madison County
On your left, we have provided a detailed cost breakdown for the different solar panel system sizes installed in Madison County. As expected, a bigger solar system requires a greater initial expense, but it also translates to increased electricity savings and more substantial income tax credits.
In the calculator located to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $148.22 electric bill for Madison County. Just change the $148.22 to your typical electricity bill for more accurate 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 $1,050 a year
Est. Price
$14,280
Savings from a 6kWthis system
Est. yearly production 8,752 kWh
Est. monthly savings $88
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 7.55 tons a year
Equivalent to planting 347 trees a year
Equivalent to driving 18,691 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,225 a year
Est. Price
$16,660
Savings from a 7kWthis system
Est. yearly production 10,211 kWh
Est. monthly savings $102
Full payback in 9 years
Environmental Impacts
Reduces CO2 emissions by 8.81 tons a year
Equivalent to planting 405 trees a year
Equivalent to driving 21,806 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,400 a year
Est. Price
$19,040
Savings from a 8kWthis system
Est. yearly production 11,669 kWh
Est. monthly savings $117
Full payback in 11 years
Environmental Impacts
Reduces CO2 emissions by 10.07 tons a year
Equivalent to planting 462 trees a year
Equivalent to driving 24,922 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,575 a year
Est. Price
$21,420
Savings from a 9kWthis system
Est. yearly production 13,128 kWh
Est. monthly savings $131
Full payback in 12 years
Environmental Impacts
Reduces CO2 emissions by 11.33 tons a year
Equivalent to planting 520 trees a year
Equivalent to driving 28,037 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $1,750 a year
Est. Price
$23,800
Savings from a 10kWthis system
Est. yearly production 14,586 kWh
Est. monthly savings $146
Full payback in 13 years
Environmental Impacts
Reduces CO2 emissions by 12.59 tons a year
Equivalent to planting 578 trees a year
Equivalent to driving 31,152 mi less a year
Madison County Solar Panel Installation Incentives & Rebates | 2024
Between 80% and 100% of your solar energy or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. If you believe yourself eligible, we recommend using our REAP Grant eligibility tool to confirm your qualification.
Most residents can take advantage of a 30% federal income tax credit for residential solar, which makes it a feasible option in various areas of the United States. In addition, numerous state and local programs work to further encourage the adoption of solar power.
Different utilities and government organizations in Kentucky have 6 solar rebate and incentive programs.
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 Madison County, KY?
For those in Madison County planning to stay in their homes past the payback period of their solar system, solar panels make perfect sense. Having a 5 kW solar system in Madison County, KY can potentially save you approximately $23,672.8 over a span of 20 years, with an average break even point of 7 years.
The cost of not having solar panels in Madison County, KY
Besides missing out on the previously mentioned savings, not having solar panels or any backup energy system leaves you totally reliant on your electric utility for power. As demonstrated by recent news, total dependence on your utility isn't always the most favorable situation.
Normally, customers in Madison County encounter around 1.2 outages. Typically, outages have an average duration of 149.98 minutes. However, during significant events such as hurricanes, planned maintenance, or overloaded power grids, these times can drastically increase.
Take a look at the component below to see the number of current electricity customers without power in Madison County.
Regardless of whether a backup battery is there or not, a solar panel system could reduce the pressure of potential future outages.
Power Outages
Currently, 0 customers are being tracked in Madison County.
What impacts the cost of solar panels in Madison County, KY?
Your Energy Needs - Even though larger solar panel systems have a higher initial cost, the cost per watt declines. Many consumers find it advantageous to install a system that can generate enough electricity to offset the entirety of their electric bill. This math makes the most sense for optimal savings.
Make & Model - Just like any other product, solar panels and mounting equipment are available in a variety of makes and models. The potential brand preferences of your chosen installer make it crucial to pick a recommended contractor. Opting for better quality equipment usually provides a more satisfying long-term experience for the buyer.
Solar Panel Type - Monocrystalline panels have become the industry standard, and for good reason. They are costlier but generate more energy. Most professionals in solar installation work with panels crafted from this material.
Your Property - Each property and home has its own characteristics. Factors such as trees, sloping terrain, or additional considerations can make the installation more challenging. Using satellite images, most solar installers these days can evaluate your home and incorporate these considerations into the preliminary cost estimate.
Labor Rates - Various wages are paid to employees by various companies, and these expenses are transferred to the consumers. Businesses paying higher wages typically get better reviews for their work and customer service.
Permitting & Interconnection - Depending on the area, local permitting and utility interconnection fees will influence the cost of your installation. Reliable local installers will build these figures into your first estimates to eliminate any surprises.
See what solar panels cost in other Madison County cities
Solar systems for selling electricity back to the grid.
Consulting on all things solar related.
Madison County, KY Solar Panel Cost FAQs
The cost per watt for solar panels in Madison County, KY during November of 2024 averages $3.4/W. A 5 kW solar panel system will cost you around $11,900 in Madison County, KY after the federal tax credit is applied.
At present, there are 6 rebates and incentives available to Kentucky residents from various utility and government programs. Furthermore, the majority of people qualify for the 30% federal tax credit.
While cash payments offer the most savings, there are now many financing options for solar panels that are also advantageous. Information about financing options is typically detailed in initial quotes provided by installers.
Yes, the average time to recoup the cost of 5 kW solar panels in Madison County, KY is 7 years, with homeowners saving an average of $23,672.8 on electricity over 20 years.
Savings from 
Environmental Impacts 
