Solar Panel Cost Guide in Memphis, FL (2024 Update)

  • Memphis Solar Installation Cost: $12,301
  • 25-Year Savings: $19,380
  • Payback Period: 10.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Memphis

Here’s how much it might cost to install solar panels in Memphis.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Memphis, the typical cost of a solar system is 3 per watt.To cover the typical energy usage of the average home in Memphis, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs around $12,301, or $17,590 before the federal solar tax credit of 0 is applied.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more.Despite the high upfront cost, the average Memphis homeowner can save around $20,000 on their energy bills over 20 years, which is one of the advantages of solar.

Click the button below to get connected to a top solar company in Memphis for a customized estimate.

Solar savings over time in Memphis

Year Return on Investment
1 years $-10,927
3 years $-8,180
5 years $-5,432
7 years $-2,685
9 years $62
11 years $2,809
13 years $5,556
15 years $8,304
17 years $11,051
19 years $13,798
21 years $16,545
23 years $19,293
25 years $22,040

Top Solar Installers in Memphis

When switching to solar energy, many homeowners prefer to go with a solar company since overseeing your solar installation yourself can be a difficult project. Another great thing about using a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.

If you’d like to go solar but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

See all of the solar companies in Memphis

Factors that Affect Solar Panel Costs in Memphis

The cost of installing a solar system in Memphis can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment

One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,210 per kilowatt in Memphis.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Memphis average.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The final significant cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Memphis, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.34 $14,021 $17,846 11.0 years
8 kW $3.27 $18,336 $24,154 10.8 years
10 kW $3.21 $22,470 $30,642 10.6 years
12 kW $3.15 $26,425 $37,310 10.4 years
14 kW $3.08 $30,200 $44,158 10.2 years
16 kW $3.02 $33,795 $51,185 9.9 years
18 kW $2.95 $37,210 $58,392 9.7 years
20 kW $2.89 $40,446 $65,779 9.5 years

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:

  • Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
  • Solar Panel Brands: Different companies carry various brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
  • Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and how long the project will take.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

EcoWatch's Memphis, FL Solar Cost FAQs

What is the average cost of installing solar panels in Memphis?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.

Can you get solar panels for free in Memphis?

You can’t get solar panels for free in Memphis. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.

Can solar panels completely eradicate my energy bills?

It is possible to erase your electricity bills with solar panels, but for most homeowners in Memphis, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

How often do you have to replace solar panels?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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