Solar Panel Cost Guide in Florence, MS (2023 Update)
- Florence Solar Installation Cost: $15,441
- 25-Year Savings: $23,115
- Payback Period: 10.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Florence
Find out how much it might cost to install solar panels in Florence.
In Florence, solar panels cost about 2.64 per watt on average. To cover the typical energy needs of the average home in Florence, most homeowners require a 8.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,449, or $22,092 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more. Despite the large initial cost, the average Florence homeowner can save around $18,000 on their energy bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a top solar panel company in your area for a customized estimate.
Solar savings over time in Florence
| Year | Return on Investment |
|---|---|
| 1 years | $-14,074 |
| 3 years | $-11,339 |
| 5 years | $-8,604 |
| 7 years | $-5,869 |
| 9 years | $-3,134 |
| 11 years | $-400 |
| 13 years | $2,335 |
| 15 years | $5,070 |
| 17 years | $7,805 |
| 19 years | $10,540 |
| 21 years | $13,275 |
| 23 years | $16,010 |
| 25 years | $18,745 |
Top Solar Installers in Florence
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with an installer can make swapping over to solar power much easier. The expertise that solar installers offer can be valuable as well, especially if you aren't sure what kind of solar equipment would be right for your home.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Florence
Factors that Affect Solar Panel Costs in Florence
For many Florence homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Florence, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels 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 spend around $2,640 per kilowatt in Florence. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Florence homeowners opt to finance their solar panel systems to make going solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can affect the cost. Florence's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Florence know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $2.75 | $11,532 | $16,154 | 10.4 years |
| 8 kW | $2.69 | $15,080 | $21,835 | 10.2 years |
| 10 kW | $2.64 | $18,480 | $27,663 | 10.0 years |
| 12 kW | $2.59 | $21,732 | $33,639 | 9.8 years |
| 14 kW | $2.53 | $24,837 | $39,763 | 9.6 years |
| 16 kW | $2.48 | $27,794 | $46,035 | 9.4 years |
| 18 kW | $2.43 | $30,603 | $52,454 | 9.2 years |
| 20 kW | $2.38 | $33,264 | $59,022 | 9.0 years |
How to Save on Solar Panels
There are many companies to choose from in Florence, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Florence, MS Solar Cost FAQs
What is the average cost of installing solar panels in Florence?
The average cost of solar panels in Florence is about $13,200 for a 5-kW system and $26,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Florence?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase the value of your home?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, solar panels can last 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 higher amount 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.