Solar Panel Cost Guide in Knoxville, IA (2024 Update)
- Knoxville Solar Installation Cost: $26,690
- 25-Year Savings: $25,334
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Knoxville
Let’s take a look at the average cost of solar panels in Knoxville.
The national average cost of solar panels is $2.66 per watt, but in Knoxville it’s 4 per watt.The average Knoxville homeowner needs a 9.5-kilowatt system, which would cost about $26,690 with the federal tax credit, or $38,167 before the 0 tax credit is applied.
How much you pay can be higher or lower than the average in Knoxville based on a variety of factors, such as the type of solar panels you choose and the solar company you hire.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $17,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar installer in Knoxville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Knoxville
| Year | Return on Investment |
|---|---|
| 1 years | $-25,622 |
| 3 years | $-23,486 |
| 5 years | $-21,350 |
| 7 years | $-19,214 |
| 9 years | $-17,079 |
| 11 years | $-14,943 |
| 13 years | $-12,807 |
| 15 years | $-10,671 |
| 17 years | $-8,535 |
| 19 years | $-6,400 |
| 21 years | $-4,264 |
| 23 years | $-2,128 |
| 25 years | $8 |
Top Solar Installers in Knoxville
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using an installer can make your swap to solar power much easier. The payback period on a solar system will vary depending on factors like your roof configuration and energy consumption, but working with a solar company can shorten it. Your provider will be able to help you get the most out of incentives available in your area.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Knoxville
Factors that Affect Solar Panel Costs in Knoxville
For many Knoxville homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Knoxville, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,010.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Knoxville, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Knoxville offer solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating in Knoxville, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.17 | $17,516 | $10,105 | 15.9 years |
| 8 kW | $4.09 | $22,905 | $13,922 | 15.5 years |
| 10 kW | $4.01 | $28,070 | $17,964 | 15.2 years |
| 12 kW | $3.93 | $33,010 | $22,230 | 14.9 years |
| 14 kW | $3.85 | $37,726 | $26,721 | 14.6 years |
| 16 kW | $3.77 | $42,217 | $31,437 | 14.3 years |
| 18 kW | $3.69 | $46,484 | $36,377 | 14.0 years |
| 20 kW | $3.61 | $50,526 | $41,542 | 13.7 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar installer. See to it that you understand how the installation process will go and the completion timeline.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Knoxville, IA Solar Cost FAQs
How much does it cost to install solar panels in Knoxville?
The average cost of solar panels in Knoxville is about $20,050 for a 5-kW system and $40,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Knoxville?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Knoxville?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.