Solar Panel Cost Guide in East Ridge, TN (2024 Update)
- East Ridge Solar Installation Cost: $19,502
- 25-Year Savings: $18,670
- Payback Period: 28.5 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 East Ridge
We break down average solar pricing in East Ridge.
The national average cost of solar panels is $2.66 per watt, but in East Ridge it’s 4 per watt.To cover the typical energy usage of the average home in East Ridge, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,502, or $27,888 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you may differ based on the amount of energy your home requires and what company you choose to go with.Many homeowners find installing a solar system is a fruitful investment. The average homeowner in East Ridge can save about $8,800 on their electricity bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in East Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-17,975 |
| 3 years | $-14,922 |
| 5 years | $-11,868 |
| 7 years | $-8,814 |
| 9 years | $-5,760 |
| 11 years | $-2,706 |
| 13 years | $348 |
| 15 years | $3,401 |
| 17 years | $6,455 |
| 19 years | $9,509 |
| 21 years | $12,563 |
| 23 years | $15,617 |
| 25 years | $18,670 |
Top Solar Installers in East Ridge
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your switch to solar power much easier. The expertise that solar companies offer can be invaluable as well, especially if you aren’t sure what kind of solar equipment you need.
If you’d like to switch to solar energy but still aren’t sure which solar installer to go with, here are our suggestions for providers near you:
See all of the solar companies in East Ridge
Factors that Affect Solar Panel Costs in East Ridge
For many East Ridge homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in East Ridge, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in East Ridge, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $3,580 for each additional kilowatt you need.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many East Ridge homeowners opt to finance their solar panel systems to make paying for solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar system can play a role in determining how much you pay. East Ridge’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $3.72 | $15,637 | $-2,456 | 29.7 years |
| 8 kW | $3.65 | $20,449 | $-2,874 | 29.1 years |
| 10 kW | $3.58 | $25,060 | $-3,091 | 28.5 years |
| 12 kW | $3.51 | $29,471 | $-3,108 | 27.9 years |
| 14 kW | $3.44 | $33,681 | $-2,925 | 27.4 years |
| 16 kW | $3.37 | $37,690 | $-2,541 | 26.8 years |
| 18 kW | $3.29 | $41,499 | $-1,956 | 26.2 years |
| 20 kW | $3.22 | $45,108 | $-1,171 | 25.7 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
EcoWatch's East Ridge, TN Solar Cost FAQs
What is the average cost of installing solar panels in East Ridge?
This is a difficult question to answer exactly, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, 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 East Ridge?
Leasing solar panels can be an option if you are unable 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 savings from going solar.
Do solar panels increase your home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 higher 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.