Solar Panel Cost Guide in Oxford, MS (2024 Update)
- Oxford Solar Installation Cost: $18,931
- 25-Year Savings: $11,103
- Payback Period: 17.5 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 Oxford
Find out how much it might cost to switch to solar power in Oxford.
In Oxford, solar panels cost about 3 per watt on average.Because a 8.6-kW system is needed to cover the energy usage of a typical home in Oxford, the average price of going solar will be about $18,931 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average Oxford homeowners see about $13,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar installer in Oxford for a quote for your home.
Solar savings over time in Oxford
Year | Return on Investment |
---|---|
1 years | $-18,181 |
3 years | $-16,680 |
5 years | $-15,179 |
7 years | $-13,678 |
9 years | $-12,177 |
11 years | $-10,677 |
13 years | $-9,176 |
15 years | $-7,675 |
17 years | $-6,174 |
19 years | $-4,673 |
21 years | $-3,172 |
23 years | $-1,671 |
25 years | $-171 |
Top Solar Installers in Oxford
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make swapping over to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Oxford, the EcoWatch team has compiled a list of our top suggestions here:
See all of the solar companies in Oxford
Factors that Affect Solar Panel Costs in Oxford
The cost of installing a solar system in Oxford can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your all-in costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Oxford is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services at different costs.The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more 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 lower to compete with bigger 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 | $5,107 | 18.2 years |
8 kW | $3.20 | $17,936 | $7,161 | 17.9 years |
10 kW | $3.14 | $21,980 | $9,391 | 17.5 years |
12 kW | $3.08 | $25,848 | $11,796 | 17.2 years |
14 kW | $3.01 | $29,541 | $14,378 | 16.8 years |
16 kW | $2.95 | $33,058 | $17,135 | 16.5 years |
18 kW | $2.89 | $36,399 | $20,068 | 16.1 years |
20 kW | $2.83 | $39,564 | $23,178 | 15.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: It’s important to read through your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Warranty: If you’re concerned about the longevity of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
EcoWatch's Oxford, MS Solar Cost FAQs
What is the average cost of installing solar panels in Oxford?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want additional solar equipment or higher quality 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.
Is cost the most important thing to consider 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.
Can you sell solar power back to the grid in Oxford?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
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 how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.