Solar Panel Cost Guide in Algood, TN (2024 Update)
- Algood Solar Installation Cost: $20,377
- 25-Year Savings: $13,415
- Payback Period: 18.5 Years
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Average Cost of Solar Panels in Algood
Here’s how much it might cost to install solar panels in Algood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Algood, the average cost of solar panels is 4 per watt.The average solar panel system size in Algood is around 8.1 kilowatts, meaning a cost of about $20,377 for a solar installation, or $29,139 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Algood depending on a few factors, such as the type of solar panels you choose and the solar installer you hire.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Algood see about $14,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Algood
| Year | Return on Investment |
|---|---|
| 1 years | $-18,754 |
| 3 years | $-15,508 |
| 5 years | $-12,262 |
| 7 years | $-9,016 |
| 9 years | $-5,770 |
| 11 years | $-2,524 |
| 13 years | $722 |
| 15 years | $3,968 |
| 17 years | $7,214 |
| 19 years | $10,460 |
| 21 years | $13,706 |
| 23 years | $16,952 |
| 25 years | $20,198 |
Top Solar Installers in Algood
Many homeowners choose to hire a solar panel company since figuring out how to install solar panels by yourself can be time-consuming. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy needs, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 Algood
Factors that Affect Solar Panel Costs in Algood
While the average cost of a solar system in Algood is $20,377, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,580. The model of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Algood have solar loans, which reduce your upfront costs of installing a solar system.Though solar loans make going solar more accessible for Algood homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies in Algood, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to 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 | $3.72 | $15,637 | $4,719 | 19.2 years |
| 8 kW | $3.65 | $20,449 | $6,693 | 18.8 years |
| 10 kW | $3.58 | $25,060 | $8,867 | 18.5 years |
| 12 kW | $3.51 | $29,471 | $11,242 | 18.1 years |
| 14 kW | $3.44 | $33,681 | $13,818 | 17.7 years |
| 16 kW | $3.37 | $37,690 | $16,594 | 17.4 years |
| 18 kW | $3.29 | $41,499 | $19,570 | 17.0 years |
| 20 kW | $3.22 | $45,108 | $22,747 | 16.6 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Algood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Algood, TN Solar Cost FAQs
What is the average cost of installing solar panels in Algood?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Algood?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 way to go if you want to maximize your savings.
Does Algood have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
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 needs 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 home 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.