Solar Panel Cost Guide in Horn Lake, MS (2023 Update)
- Horn Lake Solar Installation Cost: $16,115
- 25-Year Savings: $19,451
- Payback Period: 11.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Horn Lake
Find out what the average cost of solar panels are in Horn Lake.
The average cost of a solar panel system in Horn Lake is 2.64 per watt. The average solar panel system size in Horn Lake is around 8.7 kilowatts, meaning a cost of about $16,115 for a solar installation, or $23,044 before the 30% federal solar tax credit is applied.
The true price you pay can be above or below the average in Horn Lake depending on a few factors, such as the kind of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Horn Lake can save around $16,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar panel company in Horn Lake for a custom quote.
Solar savings over time in Horn Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,692 |
| 3 years | $-11,847 |
| 5 years | $-9,002 |
| 7 years | $-6,156 |
| 9 years | $-3,311 |
| 11 years | $-466 |
| 13 years | $2,379 |
| 15 years | $5,225 |
| 17 years | $8,070 |
| 19 years | $10,915 |
| 21 years | $13,760 |
| 23 years | $16,605 |
| 25 years | $19,451 |
Top Solar Installers in Horn Lake
Putting up solar panels on your own can be a stressful project, which is why getting a solar installer is a good option for many homeowners. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 Horn Lake
Factors that Affect Solar Panel Costs in Horn Lake
The cost of installing a solar system in Horn Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
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 power your household uses, the larger your system will likely need to be. You can expect to spend around $2,640 per kilowatt in Horn Lake. The brand of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Horn Lake homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's a good idea to factor 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
Lastly, the company you get to install your solar system can influence your pricing. Horn Lake's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better 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 down 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 | $2.75 | $11,532 | $12,952 | 11.8 years |
| 8 kW | $2.69 | $15,080 | $17,565 | 11.5 years |
| 10 kW | $2.64 | $18,480 | $22,325 | 11.3 years |
| 12 kW | $2.59 | $21,732 | $27,234 | 11.1 years |
| 14 kW | $2.53 | $24,837 | $32,290 | 10.9 years |
| 16 kW | $2.48 | $27,794 | $37,495 | 10.6 years |
| 18 kW | $2.43 | $30,603 | $42,847 | 10.4 years |
| 20 kW | $2.38 | $33,264 | $48,347 | 10.2 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose greatly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
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 Horn Lake, MS Solar Cost FAQs
What is the average cost of installing solar panels in Horn Lake?
This is a tough question to answer precisely, because the cost depends on a variety of 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 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 want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Horn Lake?
Solar panels aren't free in Horn Lake, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase how much your home is worth?
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.