Solar Panel Cost Guide in Southaven, MS (2024 Update)
- Southaven Solar Installation Cost: $19,157
- 25-Year Savings: $19,853
- Payback Period: 13.3 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Southaven
See how much it might cost to install solar panels in Southaven.
Although the national average of solar panels is $2.66 per watt, solar panels in Southaven typically cost around 3.Since a 8.7-kW system is needed to cover the energy consumption of a typical home in Southaven, the average price of going solar will be about $19,157 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Southaven homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Even with the significant initial cost, the average Southaven homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Southaven that can help you get a more accurate cost estimate for your home.
Solar savings over time in Southaven
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 Southaven
Putting up solar panels on your own can be a challenging task, which is why getting a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Southaven
Factors that Affect Solar Panel Costs in Southaven
While the average cost of a solar system in Southaven is $19,157, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The brand and kind of equipment you get 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Southaven provide solar loans, which reduce the initial cost of installing solar panels.However, the interest on solar loans also adds to your total costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Southaven, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that has the products, warranties and services you’re looking for and also fits within your budget.
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 | $11,039 | 13.9 years |
8 kW | $3.20 | $17,936 | $15,071 | 13.6 years |
10 kW | $3.14 | $21,980 | $19,278 | 13.3 years |
12 kW | $3.08 | $25,848 | $23,661 | 13.1 years |
14 kW | $3.01 | $29,541 | $28,220 | 12.8 years |
16 kW | $2.95 | $33,058 | $32,955 | 12.5 years |
18 kW | $2.89 | $36,399 | $37,865 | 12.3 years |
20 kW | $2.83 | $39,564 | $42,952 | 12.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: The kind of solar panel you need plays a role in which company you should choose, since different companies provide different panels.
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 Southaven, MS Solar Cost FAQs
How much does it cost to install solar panels in Southaven?
The average cost of solar panels in Southaven is about $15,700 for a 5-kW system and $31,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff 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, as 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $825.16 per year.
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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.