Solar Panel Cost Guide in Knoxville, IA (2023 Update)
- Knoxville Solar Installation Cost: $18,436
- 25-Year Savings: $25,334
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Knoxville
Let's have a look at the average cost of solar in Knoxville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Knoxville, the typical cost of solar panels is 2.77 per watt. The average solar panel system size in Knoxville is around 9.5 kilowatts, meaning a cost of about $18,440 for a solar installation, or $26,369 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Knoxville based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. Many homeowners find going solar is a rewarding investment. The average homeowner in Knoxville can save around $17,000 on their power bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Knoxville
| Year | Return on Investment |
|---|---|
| 1 years | $-18,291 |
| 3 years | $-17,999 |
| 5 years | $-17,707 |
| 7 years | $-17,415 |
| 9 years | $-17,123 |
| 11 years | $-16,832 |
| 13 years | $-16,540 |
| 15 years | $-16,248 |
| 17 years | $-15,956 |
| 19 years | $-15,664 |
| 21 years | $-15,373 |
| 23 years | $-15,081 |
| 25 years | $-14,789 |
Top Solar Installers in Knoxville
Although it's possible to install solar panels yourself, it requires extra time and know-how. Because of that, most homeowners choose to go with a solar panel installer. The expertise that solar companies offer can be helpful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Knoxville:
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 considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. Some solar brands — like Maxeon from SunPower — are more costly 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 limited 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
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Knoxville homeowners choose to finance their solar panel systems to make paying for solar more affordable. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Knoxville is the company you get to install your solar system. As with choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $2.88 | $12,099 | $15,521 | 11.0 years |
| 8 kW | $2.83 | $15,822 | $21,005 | 10.7 years |
| 10 kW | $2.77 | $19,390 | $26,644 | 10.5 years |
| 12 kW | $2.71 | $22,803 | $32,438 | 10.3 years |
| 14 kW | $2.66 | $26,060 | $38,387 | 10.1 years |
| 16 kW | $2.60 | $29,163 | $44,492 | 9.9 years |
| 18 kW | $2.55 | $32,110 | $50,751 | 9.7 years |
| 20 kW | $2.49 | $34,902 | $57,166 | 9.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which installer you should opt for, since different companies provide different panels.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my property value?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.