Solar Panel Cost Guide in Byram, MS (Mar 2023)
- Byram Solar Installation Cost: $15,357
- 25-Year Savings: $21,099
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Byram
We break down average solar pricing in Byram.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Byram, the average cost of a solar system is 2.64 per watt. Because a 8.3-kW system is needed to cover the energy needs of a typical home in Byram, the average price of going solar will be about $15,357 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Byram see about $17,000 in savings on energy bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Byram
| Year | Return on Investment |
|---|---|
| 1 years | $-13,899 |
| 3 years | $-10,982 |
| 5 years | $-8,066 |
| 7 years | $-5,149 |
| 9 years | $-2,233 |
| 11 years | $684 |
| 13 years | $3,600 |
| 15 years | $6,516 |
| 17 years | $9,433 |
| 19 years | $12,349 |
| 21 years | $15,266 |
| 23 years | $18,182 |
| 25 years | $21,099 |
Top Solar Installers in Byram
Many homeowners opt for a solar installer since installing solar panels yourself can be hard. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you're on the hunt for a solar company in Byram, the EcoWatch team has compiled a list of our top suggestions here:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Byram
Factors that Affect Solar Panel Costs in Byram
For many Byram homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Byram, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
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, your total will most likely increase by about $2,640. The model of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Byram to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering 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 | $2.75 | $11,532 | $14,776 | 11.0 years |
| 8 kW | $2.69 | $15,080 | $19,997 | 10.7 years |
| 10 kW | $2.64 | $18,480 | $25,365 | 10.5 years |
| 12 kW | $2.59 | $21,732 | $30,882 | 10.3 years |
| 14 kW | $2.53 | $24,837 | $36,547 | 10.1 years |
| 16 kW | $2.48 | $27,794 | $42,359 | 9.9 years |
| 18 kW | $2.43 | $30,603 | $48,319 | 9.7 years |
| 20 kW | $2.38 | $33,264 | $54,427 | 9.5 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on 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:
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, completion timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- 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 installer, such as what permits you should acquire and what the project timeline is.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Byram, MS Solar Cost FAQs
What is the average cost of installing solar panels in Byram?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,200 for a 5-kW system and $26,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality 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 efficient solar panels.
Is it better to lease or buy solar panels in Byram?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will having solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Byram is currently $118,294, so you can look forward to a value of about $4,850 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Byram is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 install 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.