Solar Panel Cost Guide in Humboldt, TN (2024 Update)
- Humboldt Solar Installation Cost: $19,560
- 25-Year Savings: $12,637
- Payback Period: 18.6 Years
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Average Cost of Solar Panels in Humboldt
Find out what the average cost of a solar system is in Humboldt.
The average cost of a solar panel system in Humboldt is 4 per watt.The average Humboldt homeowner needs a 7.8-kilowatt system, which would cost about $19,560 with the federal tax credit, or $27,971 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more.Even with the large initial cost, the average Humboldt homeowner can save around $13,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a highly rated solar installation company in Humboldt, you can click the button below.
Solar savings over time in Humboldt
| Year | Return on Investment |
|---|---|
| 1 years | $-17,920 |
| 3 years | $-14,641 |
| 5 years | $-11,361 |
| 7 years | $-8,082 |
| 9 years | $-4,803 |
| 11 years | $-1,523 |
| 13 years | $1,756 |
| 15 years | $5,036 |
| 17 years | $8,315 |
| 19 years | $11,595 |
| 21 years | $14,874 |
| 23 years | $18,154 |
| 25 years | $21,433 |
Top Solar Installers in Humboldt
Putting up solar panels on your own can be a difficult project, which is why using a solar installer is a good option for many homeowners. Another advantage of utilizing a solar company is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Humboldt
Factors that Affect Solar Panel Costs in Humboldt
For many Humboldt homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Humboldt, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, 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 nearly $3,580. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Humboldt, and each can charge varying amounts for labor and equipment.Additionally, some companies in Humboldt are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.72 | $15,637 | $4,535 | 19.4 years |
| 8 kW | $3.65 | $20,449 | $6,447 | 19.0 years |
| 10 kW | $3.58 | $25,060 | $8,560 | 18.6 years |
| 12 kW | $3.51 | $29,471 | $10,874 | 18.3 years |
| 14 kW | $3.44 | $33,681 | $13,388 | 17.9 years |
| 16 kW | $3.37 | $37,690 | $16,102 | 17.5 years |
| 18 kW | $3.29 | $41,499 | $19,017 | 17.1 years |
| 20 kW | $3.22 | $45,108 | $22,132 | 16.8 years |
How to Save on Solar Panels
The solar company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Before signing a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
EcoWatch's Humboldt, TN Solar Cost FAQs
How much does it cost to install solar panels in Humboldt?
This is a difficult question to answer exactly, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Humboldt?
You can’t get solar panels for free in Humboldt. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Humboldt?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.