Solar Panel Cost Guide in Laurel, MS (Mar 2023)
- Laurel Solar Installation Cost: $15,246
- 25-Year Savings: $29,678
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Laurel
Find out what the average cost of solar panels are in Laurel.
In Laurel, solar panels cost about 2.64 per watt on average. To cover the typical energy needs of the average home in Laurel, most homeowners require a 8.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,246, or $21,802 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $21,000 over 20 years on energy bills.
To get a free quote from a top solar installation company in Laurel, you can click the button below.
Solar savings over time in Laurel
| Year | Return on Investment |
|---|---|
| 1 years | $-13,449 |
| 3 years | $-9,855 |
| 5 years | $-6,261 |
| 7 years | $-2,667 |
| 9 years | $927 |
| 11 years | $4,520 |
| 13 years | $8,114 |
| 15 years | $11,708 |
| 17 years | $15,302 |
| 19 years | $18,896 |
| 21 years | $22,490 |
| 23 years | $26,084 |
| 25 years | $29,678 |
Top Solar Installers in Laurel
Putting up solar panels yourself can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't certain which solar company to go with, here are our recommendations for providers near you:
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 Laurel
Factors that Affect Solar Panel Costs in Laurel
Though the average cost of a solar system in Laurel is $15,246, your actual cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Laurel, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,640 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Laurel, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Laurel, which can lower, or in some cases eliminate, your upfront costs to make 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 pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Laurel, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $21,128 | 8.8 years |
| 8 kW | $2.69 | $15,080 | $28,466 | 8.7 years |
| 10 kW | $2.64 | $18,480 | $35,952 | 8.5 years |
| 12 kW | $2.59 | $21,732 | $43,586 | 8.3 years |
| 14 kW | $2.53 | $24,837 | $51,368 | 8.1 years |
| 16 kW | $2.48 | $27,794 | $59,298 | 8.0 years |
| 18 kW | $2.43 | $30,603 | $67,375 | 7.8 years |
| 20 kW | $2.38 | $33,264 | $75,600 | 7.6 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: Different companies have various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
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 Laurel, MS Solar Cost FAQs
How much does it cost to install solar panels in Laurel?
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 higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about 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 solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Laurel is currently $92,752, so you can expect a value of about $3,803 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Laurel is a worthwhile investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.