Solar Panel Cost Guide in Latimer, MS (Mar 2023)
- Latimer Solar Installation Cost: $14,876
- 25-Year Savings: $28,720
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Latimer
Let's have a look at the average cost of solar in Latimer.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Latimer, the average cost of a solar system is 2.64 per watt. Using this figure, a typical 8.1-kW system would cost about $14,876 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. Despite the large upfront cost, the average Latimer homeowner can save about $21,000 on their energy bills over 20 years, which is one of the positives of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Latimer
| Year | Return on Investment |
|---|---|
| 1 years | $-13,133 |
| 3 years | $-9,645 |
| 5 years | $-6,157 |
| 7 years | $-2,669 |
| 9 years | $818 |
| 11 years | $4,306 |
| 13 years | $7,794 |
| 15 years | $11,281 |
| 17 years | $14,769 |
| 19 years | $18,257 |
| 21 years | $21,744 |
| 23 years | $25,232 |
| 25 years | $28,720 |
Top Solar Installers in Latimer
When making the switch to solar, many homeowners opt to hire a solar installer since installing a solar system yourself can be a challenging project. The expertise that solar companies offer can be invaluable as well, particularly if you aren't sure what brand of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Latimer
Factors that Affect Solar Panel Costs in Latimer
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Latimer: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,640. The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Furthermore, 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 searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Latimer, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Latimer, you'll have many options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $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 available in Latimer, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Latimer, MS Solar Cost FAQs
What is the average cost of installing solar panels in Latimer?
This is a tough question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Latimer?
Leasing solar panels can be an appealing choice, as it typically 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels significantly reduce my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Latimer, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Latimer?
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 larger 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.