Solar Panel Cost Guide in Southaven, MS (2023 Update)
- Southaven Solar Installation Cost: $16,107
- 25-Year Savings: $19,853
- Payback Period: 11.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Southaven
Here's how much it might cost to go solar in Southaven.
The national average cost of solar panels is $2.66 per watt, but in Southaven it's 2.64 per watt. Using this figure, a typical 8.7-kW system would cost about $16,115 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Southaven homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing a solar system is a solid investment. The average homeowner in Southaven can save around $16,000 on their power bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Southaven
| Year | Return on Investment |
|---|---|
| 1 years | $-14,739 |
| 3 years | $-12,004 |
| 5 years | $-9,270 |
| 7 years | $-6,535 |
| 9 years | $-3,800 |
| 11 years | $-1,065 |
| 13 years | $1,670 |
| 15 years | $4,405 |
| 17 years | $7,140 |
| 19 years | $9,875 |
| 21 years | $12,609 |
| 23 years | $15,344 |
| 25 years | $18,079 |
Top Solar Installers in Southaven
When making the switch to solar, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a time-consuming project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Southaven:
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 Southaven
Factors that Affect Solar Panel Costs in Southaven
Even though the average cost of a solar system in Southaven is $16,115, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,640. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Southaven to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. However, the interest on solar loans also adds to your total costs, so it's important to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Southaven, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $2.75 | $11,532 | $13,223 | 11.6 years |
| 8 kW | $2.69 | $15,080 | $17,927 | 11.4 years |
| 10 kW | $2.64 | $18,480 | $22,778 | 11.2 years |
| 12 kW | $2.59 | $21,732 | $27,777 | 11.0 years |
| 14 kW | $2.53 | $24,837 | $32,924 | 10.7 years |
| 16 kW | $2.48 | $27,794 | $38,219 | 10.5 years |
| 18 kW | $2.43 | $30,603 | $43,661 | 10.3 years |
| 20 kW | $2.38 | $33,264 | $49,252 | 10.1 years |
How to Save on Solar Panels
There are a lot of companies available in Southaven, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: Before signing a contract with a solar installer, make sure you read it through fully 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 part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Southaven, MS Solar Cost FAQs
What is the average cost of installing solar panels in Southaven?
The average cost of solar panels in Southaven is about $13,200 for a 5-kW system and $26,400 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Southaven?
Leasing solar panels can be an appealing choice, because it usually 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 way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Southaven?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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.