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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Average Cost of Solar Panels in Southaven
See how much it might cost to install solar panels in Southaven.
The average cost of a solar panel system in Southaven 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.
These figures are just averages, and how much solar costs for you will most likely differ based on the amount of energy your home requires and what company you want to go with.For most homeowners, the upfront cost of solar is worth paying. On average Southaven homeowners see about $16,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a vetted solar company in Southaven for a custom estimate.
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
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar company can make switching to solar power much easier. The expertise that solar companies provide can be helpful as well, particularly if you don’t quite know what kind of solar equipment you need.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our recommendations for providers in Southaven:
See all of the solar companies in Southaven
Factors that Affect Solar Panel Costs in Southaven
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Southaven: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Southaven, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $3,140 for each additional kilowatt you need.The brand and type of equipment you want 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 more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Southaven offer solar loans, which reduce the initial cost of installing solar panels.While solar loans make going solar more accessible for Southaven homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact the cost. Southaven’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $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
Since the kind of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- 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.
EcoWatch's Southaven, MS Solar Cost FAQs
How much does it cost to install solar panels in Southaven?
This is a tough question to answer exactly, 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Southaven?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.