Solar Panel Cost Guide in Olive Branch, MS (2024 Update)
- Olive Branch Solar Installation Cost: $19,157
- 25-Year Savings: $8,335
- Payback Period: 19.6 Years
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Average Cost of Solar Panels in Olive Branch
Find out what the average cost of solar panels are in Olive Branch.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olive Branch, the typical cost of solar panels is 3 per watt.Using this figure, a typical 8.7-kW system would cost about $19,157 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find installing a solar system is a solid investment. The average homeowner in Olive Branch can save about $11,000 on their electricity bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Olive Branch
| Year | Return on Investment |
|---|---|
| 1 years | $-17,790 |
| 3 years | $-15,055 |
| 5 years | $-12,320 |
| 7 years | $-9,585 |
| 9 years | $-6,850 |
| 11 years | $-4,115 |
| 13 years | $-1,381 |
| 15 years | $1,354 |
| 17 years | $4,089 |
| 19 years | $6,824 |
| 21 years | $9,559 |
| 23 years | $12,294 |
| 25 years | $15,029 |
Top Solar Installers in Olive Branch
Many homeowners choose to use a solar installation company since trying to put up solar panels yourself can be a lot of work. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in Olive Branch
Factors that Affect Solar Panel Costs in Olive Branch
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Olive Branch: 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 few different factors. One of the major 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 raise costs. For each additional kilowatt you need, your cost can go up by about $3,140.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Olive Branch, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Many homeowners find the average cost of solar in Olive Branch to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time because of interest.It’s a good idea to include 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
Lastly, the company you hire to install your solar system can impact the cost. Olive Branch’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger 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 | $3.27 | $13,716 | $3,110 | 20.4 years |
| 8 kW | $3.20 | $17,936 | $4,499 | 20.0 years |
| 10 kW | $3.14 | $21,980 | $6,063 | 19.6 years |
| 12 kW | $3.08 | $25,848 | $7,803 | 19.2 years |
| 14 kW | $3.01 | $29,541 | $9,719 | 18.8 years |
| 16 kW | $2.95 | $33,058 | $11,811 | 18.4 years |
| 18 kW | $2.89 | $36,399 | $14,078 | 18.0 years |
| 20 kW | $2.83 | $39,564 | $16,522 | 17.6 years |
How to Save on Solar Panels
There are a large number of companies available in Olive Branch, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- 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 considerable role in the company you opt for.
- 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.
EcoWatch's Olive Branch, MS Solar Cost FAQs
What is the average cost of installing solar panels in Olive Branch?
The average cost of solar panels in Olive Branch is about $15,700 for a 5-kW system and $31,400 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does Olive Branch have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
How many solar panels do I need to power my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average home 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.