Solar Panel Cost Guide in Latimer, MS (2023 Update)
- Latimer Solar Installation Cost: $14,882
- 25-Year Savings: $28,714
- Payback Period: 8.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Latimer
Find out how much it might cost to switch to solar power in Latimer.
Although the national average of solar panels is $2.66 per watt, solar panels in Latimer typically cost about 2.64. Using this figure, a typical 8.1-kW system would cost about $14,876 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Latimer based on a few factors, such as the model of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $21,000 over 20 years on utility bills.
To get a free quote from a pre-vetted solar company in Latimer, you can click the button below.
Solar savings over time in Latimer
| Year | Return on Investment |
|---|---|
| 1 years | $-13,136 |
| 3 years | $-9,644 |
| 5 years | $-6,152 |
| 7 years | $-2,660 |
| 9 years | $832 |
| 11 years | $4,324 |
| 13 years | $7,816 |
| 15 years | $11,308 |
| 17 years | $14,800 |
| 19 years | $18,292 |
| 21 years | $21,784 |
| 23 years | $25,276 |
| 25 years | $28,768 |
Top Solar Installers in Latimer
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make switching to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're searching for a solar company in Latimer, we've 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
See all of the solar companies in Latimer
Factors that Affect Solar Panel Costs in Latimer
While the average cost of a solar system in Latimer is $14,876, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,640. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Latimer, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Latimer, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a role in determining your pricing. Latimer's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $20,949 | 8.9 years |
| 8 kW | $2.69 | $15,080 | $28,228 | 8.7 years |
| 10 kW | $2.64 | $18,480 | $35,655 | 8.5 years |
| 12 kW | $2.59 | $21,732 | $43,229 | 8.4 years |
| 14 kW | $2.53 | $24,837 | $50,951 | 8.2 years |
| 16 kW | $2.48 | $27,794 | $58,822 | 8.0 years |
| 18 kW | $2.43 | $30,603 | $66,839 | 7.9 years |
| 20 kW | $2.38 | $33,264 | $75,005 | 7.7 years |
How to Save on Solar Panels
There are many companies to choose from in Latimer, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
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 Latimer, MS Solar Cost FAQs
What is the average cost of installing solar panels in Latimer?
The average cost of solar panels in Latimer is about $13,200 for a 5-kW system and $26,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Latimer?
Solar panels aren't free in Latimer, 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 can help lower the cost.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 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.