Solar Panel Cost Guide in New Albany, MS (2024 Update)
- New Albany Solar Installation Cost: $19,020
- 25-Year Savings: $17,748
- Payback Period: 14.1 Years
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Average Cost of Solar Panels in New Albany
Find out what the average cost of installing solar panels is in New Albany.
The national average cost of solar panels is $2.66 per watt, but in New Albany it’s 3 per watt.Using this figure, a typical 8.7-kW system would cost about $19,020 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs may vary based on factors unique to your home and what company you want to go with.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in New Albany can save around $16,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in New Albany for a quote for your home.
Solar savings over time in New Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-17,527 |
| 3 years | $-14,541 |
| 5 years | $-11,555 |
| 7 years | $-8,569 |
| 9 years | $-5,583 |
| 11 years | $-2,597 |
| 13 years | $389 |
| 15 years | $3,375 |
| 17 years | $6,360 |
| 19 years | $9,346 |
| 21 years | $12,332 |
| 23 years | $15,318 |
| 25 years | $18,304 |
Top Solar Installers in New Albany
Installing solar panels on your own can be a challenging project, which is why getting a solar installation company is a good option for many homeowners. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you're searching for a solar company in New Albany, we've put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Albany
Factors that Affect Solar Panel Costs in New Albany
The cost of installing a solar system in New Albany can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in New Albany, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $3,140 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the massive popularity of sustainable energy solutions in New Albany, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $3.27 | $13,716 | $9,678 | 14.7 years |
| 8 kW | $3.20 | $17,936 | $13,256 | 14.4 years |
| 10 kW | $3.14 | $21,980 | $17,010 | 14.1 years |
| 12 kW | $3.08 | $25,848 | $20,939 | 13.8 years |
| 14 kW | $3.01 | $29,541 | $25,045 | 13.5 years |
| 16 kW | $2.95 | $33,058 | $29,326 | 13.2 years |
| 18 kW | $2.89 | $36,399 | $33,783 | 13.0 years |
| 20 kW | $2.83 | $39,564 | $38,415 | 12.7 years |
How to Save on Solar Panels
There are a lot of companies available in New Albany, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- 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 access to the exact one you may want or need, so make sure you ask for their list of options before deciding.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 New Albany, MS Solar Cost FAQs
How much does it cost to install solar panels in New Albany?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $15,700 for a 5-kW system and $31,400 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 needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in New Albany?
Leasing solar panels can be an attractive choice, because it usually 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 way to go if you want to maximize your savings.
How will installing solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in New Albany is currently $182,511, so you can expect a value of about $7,483 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in New Albany is a fruitful investment.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.