Solar Panel Cost Guide in Grenada, MS (2023 Update)
- Grenada Solar Installation Cost: $15,634
- 25-Year Savings: $23,653
- Payback Period: 9.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Grenada
We go over average solar pricing in Grenada.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Grenada, the average cost of a solar system is 2.64 per watt. The average solar panel system size in Grenada is around 8.5 kilowatts, meaning a cost of about $15,634 for a solar installation, or $22,357 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what installation company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Grenada homeowners see about $18,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Grenada
| Year | Return on Investment |
|---|---|
| 1 years | $-14,063 |
| 3 years | $-10,920 |
| 5 years | $-7,777 |
| 7 years | $-4,634 |
| 9 years | $-1,491 |
| 11 years | $1,652 |
| 13 years | $4,795 |
| 15 years | $7,938 |
| 17 years | $11,081 |
| 19 years | $14,224 |
| 21 years | $17,367 |
| 23 years | $20,510 |
| 25 years | $23,653 |
Top Solar Installers in Grenada
Although you can install solar panels on your own, it takes extra labor and know-how. Because of that, almost all homeowners choose a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for your home.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 Grenada
Factors that Affect Solar Panel Costs in Grenada
For many Grenada homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Grenada, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important 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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,640 per kilowatt in Grenada. The model of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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's in your budget.
Solar Financing Terms
Most solar installers in Grenada offer solar loans, which reduce your upfront costs of installing a solar system. Although solar loans make going solar more accessible for Grenada homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Grenada, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to 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 | $16,334 | 10.3 years |
| 8 kW | $2.69 | $15,080 | $22,074 | 10.1 years |
| 10 kW | $2.64 | $18,480 | $27,962 | 9.9 years |
| 12 kW | $2.59 | $21,732 | $33,998 | 9.7 years |
| 14 kW | $2.53 | $24,837 | $40,182 | 9.5 years |
| 16 kW | $2.48 | $27,794 | $46,514 | 9.4 years |
| 18 kW | $2.43 | $30,603 | $52,993 | 9.2 years |
| 20 kW | $2.38 | $33,264 | $59,620 | 9.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Warranty: If you're worried about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 Grenada, MS Solar Cost FAQs
What is the average cost of installing solar panels in Grenada?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home 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 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 how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.