Solar Panel Cost Guide in Tupelo, MS (2024 Update)
- Tupelo Solar Installation Cost: $18,968
- 25-Year Savings: $7,961
- Payback Period: 19.8 Years
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Average Cost of Solar Panels in Tupelo
Let’s take a look at the average cost of solar in Tupelo.
In Tupelo, solar panels cost about 3 per watt on average.The average Tupelo homeowner needs a 8.6-kilowatt system, which would cost about $18,968 with the federal tax credit, or $27,124 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Tupelo homeowner. 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.Even with the high initial cost, the average Tupelo homeowner can save around $11,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in Tupelo for a quote for your home.
Solar savings over time in Tupelo
| Year | Return on Investment |
|---|---|
| 1 years | $-18,203 |
| 3 years | $-16,673 |
| 5 years | $-15,143 |
| 7 years | $-13,614 |
| 9 years | $-12,084 |
| 11 years | $-10,554 |
| 13 years | $-9,024 |
| 15 years | $-7,494 |
| 17 years | $-5,964 |
| 19 years | $-4,435 |
| 21 years | $-2,905 |
| 23 years | $-1,375 |
| 25 years | $155 |
Top Solar Installers in Tupelo
When making the switch to solar, many homeowners decide to hire a solar installation company since overseeing your solar installation yourself can be a challenging project. The payback period on a solar system will vary depending on factors like your location and energy use, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
If you're on the hunt for a solar installer in Tupelo, we've put together a list of our top suggestions here:
See all of the solar companies in Tupelo
Factors that Affect Solar Panel Costs in Tupelo
The cost of installing a solar system in Tupelo can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,140. There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose 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
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Tupelo, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also adds to your all-in costs, so it’s important to keep that in mind 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 final significant cost factor you should consider is the installer you choose. Given the massive popularity of renewable energy solutions in Tupelo, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Tupelo are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $2,908 | 20.6 years |
| 8 kW | $3.20 | $17,936 | $4,228 | 20.2 years |
| 10 kW | $3.14 | $21,980 | $5,725 | 19.8 years |
| 12 kW | $3.08 | $25,848 | $7,398 | 19.4 years |
| 14 kW | $3.01 | $29,541 | $9,246 | 19.0 years |
| 16 kW | $2.95 | $33,058 | $11,270 | 18.6 years |
| 18 kW | $2.89 | $36,399 | $13,470 | 18.2 years |
| 20 kW | $2.83 | $39,564 | $15,846 | 17.9 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 choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: If you’re concerned about the durability of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
EcoWatch's Tupelo, MS Solar Cost FAQs
What is the average cost of installing solar panels in Tupelo?
This is a difficult question to answer exactly, because the cost depends on many 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Tupelo?
Leasing solar panels can be an option if you can’t afford to pay upfront or get 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 bang for your buck from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for 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 generally 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.