Solar Panel Cost Guide in Memphis, FL (2025 Update)
- Memphis Solar Installation Cost: $12,301
- 25-Year Savings: $19,380
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Memphis
Here’s how much it might cost to install solar panels in Memphis.
In Memphis, solar panels cost about 3 per watt on average.Because a 5.5-kW system is needed to cover the energy usage of a typical home in Memphis, the average price of going solar will be about $12,301 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Memphis homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Memphis can save around $20,000 on their energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
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
Many homeowners choose to hire a solar panel company since trying to put up solar panels yourself can be challenging. Another great thing about going with a reputable solar installer is that it'll likely provide warranties and free repairs, which help protect your investment.
If you're looking for a solar installer in Memphis, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Memphis
Factors that Affect Solar Panel Costs in Memphis
Although the average cost of a solar system in Memphis is $12,301, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,210. The brand of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Memphis, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Memphis have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should go with, since different companies offer different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Memphis, FL Solar Cost FAQs
What is the average cost of installing solar panels in Memphis?
The average cost of solar panels in Memphis is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Memphis?
You can’t get solar panels for free in Memphis. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,062.25 per year.
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.