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
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
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.To cover the typical energy needs of the average home in New Albany, most homeowners require a 8.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,020, or $27,199 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy consumption and what company you go with.Many homeowners find installing solar panels is a solid investment. The average homeowner in New Albany can save about $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in New Albany that can help you get a more accurate cost estimate 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
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make converting to solar power much easier. Because solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some 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
See all of the solar companies in New Albany
Factors that Affect Solar Panel Costs in New Albany
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in New Albany: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require 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 $3,140.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like New Albany, where sunlight is abundant, efficiency can quickly pay off. Plus, 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
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many New Albany homeowners choose to finance their solar panel systems to offset upfront costs.Though solar loans make adopting solar energy more accessible for New Albany homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you choose will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in New Albany have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 difficult, 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: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- 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 past customers and solar experts like EcoWatch.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions 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
EcoWatch's New Albany, MS Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
This is a tough question to answer precisely, because the cost depends on a few different 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 higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in New Albany?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside 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.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt for 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 a solar system."
How long do solar panels last in New Albany?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.