Solar Panel Cost Guide in Collierville, TN (2024 Update)
- Collierville Solar Installation Cost: $19,280
- 25-Year Savings: $9,039
- Payback Period: 21.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Collierville
Let’s take a look at the average cost of solar in Collierville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Collierville, the average cost of solar panels is 4 per watt.Using this figure, a typical 7.7-kW system would cost about $19,280 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on your specific situation and what company you choose to go with.With average savings of about $12,000 on power bills over 20 years, many homeowners in Collierville find going solar can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Collierville
| Year | Return on Investment |
|---|---|
| 1 years | $-17,772 |
| 3 years | $-14,756 |
| 5 years | $-11,739 |
| 7 years | $-8,722 |
| 9 years | $-5,706 |
| 11 years | $-2,689 |
| 13 years | $328 |
| 15 years | $3,344 |
| 17 years | $6,361 |
| 19 years | $9,378 |
| 21 years | $12,394 |
| 23 years | $15,411 |
| 25 years | $18,428 |
Top Solar Installers in Collierville
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make your switch to solar power much easier. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Collierville
Factors that Affect Solar Panel Costs in Collierville
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Collierville: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Collierville, one of the most crucial 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 determine by looking at past electricity bills. Your overall cost can increase by about $3,580 for each additional kilowatt you need.The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to think 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 looking into a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Collierville homeowners choose to finance their solar panel systems to make going solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating in Collierville, and each can charge varying amounts for labor and equipment.Companies that 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 find a company that offers the products, warranties and services you’re looking for and also fit into 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 | $3.72 | $15,637 | $1,869 | 22.3 years |
| 8 kW | $3.65 | $20,449 | $2,893 | 21.9 years |
| 10 kW | $3.58 | $25,060 | $4,118 | 21.5 years |
| 12 kW | $3.51 | $29,471 | $5,543 | 21.0 years |
| 14 kW | $3.44 | $33,681 | $7,168 | 20.6 years |
| 16 kW | $3.37 | $37,690 | $8,994 | 20.2 years |
| 18 kW | $3.29 | $41,499 | $11,021 | 19.8 years |
| 20 kW | $3.22 | $45,108 | $13,248 | 19.3 years |
How to Save on Solar Panels
The company that does your 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 difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of 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 positive reviews from past customers.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
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 Collierville, TN Solar Cost FAQs
How much does it cost to install solar panels in Collierville?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,900 for a 5-kW system and $35,800 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 usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Collierville?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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 making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires 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.