Solar Panel Cost Guide in Lebanon, TN (2024 Update)
- Lebanon Solar Installation Cost: $20,110
- 25-Year Savings: $9,073
- Payback Period: 21.8 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 Lebanon
Let’s have a look at the average cost of solar panels in Lebanon.
Although the national average of solar panels is $2.66 per watt, solar panels in Lebanon typically cost around 4.The average solar panel system size in Lebanon is around 8.0 kilowatts, meaning a cost of about $20,110 for a solar installation, or $28,757 before the 0 federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you choose to go with.For most homeowners, the upfront cost of solar panels is worth paying. On average Lebanon homeowners see about $11,000 in savings on 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 Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-18,593 |
| 3 years | $-15,558 |
| 5 years | $-12,523 |
| 7 years | $-9,487 |
| 9 years | $-6,452 |
| 11 years | $-3,417 |
| 13 years | $-382 |
| 15 years | $2,653 |
| 17 years | $5,688 |
| 19 years | $8,723 |
| 21 years | $11,758 |
| 23 years | $14,793 |
| 25 years | $17,828 |
Top Solar Installers in Lebanon
Many homeowners decide to hire a solar installation company since trying to install solar panels by yourself can be a lot of work. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
If you're searching for a solar installer in Lebanon, the EcoWatch team has organized a list of our top suggestions here:
See all of the solar companies in Lebanon
Factors that Affect Solar Panel Costs in Lebanon
For many Lebanon homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lebanon, with typical prices between $20,000 to $40,000. There are several 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 to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,580. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the Lebanon average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lebanon to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Lebanon is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that provide a range of services at different costs.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 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 | $1,604 | 22.7 years |
| 8 kW | $3.65 | $20,449 | $2,540 | 22.2 years |
| 10 kW | $3.58 | $25,060 | $3,676 | 21.8 years |
| 12 kW | $3.51 | $29,471 | $5,013 | 21.4 years |
| 14 kW | $3.44 | $33,681 | $6,550 | 20.9 years |
| 16 kW | $3.37 | $37,690 | $8,288 | 20.5 years |
| 18 kW | $3.29 | $41,499 | $10,226 | 20.1 years |
| 20 kW | $3.22 | $45,108 | $12,364 | 19.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which installer you should go with, since different companies have different panels.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
EcoWatch's Lebanon, TN Solar Cost FAQs
What is the average cost of installing solar panels in Lebanon?
This is a hard question to answer precisely, 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. You can expect to pay more if you want additional solar equipment or more efficient 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 efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Lebanon?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.