Solar Panel Cost Guide in Newport, TN (2024 Update)
- Newport Solar Installation Cost: $20,097
- 25-Year Savings: $8,790
- Payback Period: 22.1 Years
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Average Cost of Solar Panels in Newport
We break down average solar pricing in Newport.
The average cost of a solar system in Newport is 4 per watt.Because a 8.0-kW system is needed to cover the energy needs of a typical home in Newport, the average price of going solar will be about $20,097 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more.Despite the significant initial cost, the average Newport homeowner can save around $11,000 on their power bills over 20 years, which is one of the perks of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-18,473 |
| 3 years | $-15,225 |
| 5 years | $-11,977 |
| 7 years | $-8,729 |
| 9 years | $-5,481 |
| 11 years | $-2,232 |
| 13 years | $1,016 |
| 15 years | $4,264 |
| 17 years | $7,512 |
| 19 years | $10,760 |
| 21 years | $14,009 |
| 23 years | $17,257 |
| 25 years | $20,505 |
Top Solar Installers in Newport
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make switching to solar power much easier. Another benefit of going with a solar installer is that they can help you maximize your investment by reducing your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you're searching for a solar company in Newport, we've compiled a list of our top suggestions here:
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 Newport
Factors that Affect Solar Panel Costs in Newport
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Newport: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and kind 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 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining the cost. Newport’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — 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 choose a company that provides the products, warranties and services you want 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 | $1,397 | 23.0 years |
| 8 kW | $3.65 | $20,449 | $2,263 | 22.5 years |
| 10 kW | $3.58 | $25,060 | $3,330 | 22.1 years |
| 12 kW | $3.51 | $29,471 | $4,598 | 21.6 years |
| 14 kW | $3.44 | $33,681 | $6,066 | 21.2 years |
| 16 kW | $3.37 | $37,690 | $7,734 | 20.7 years |
| 18 kW | $3.29 | $41,499 | $9,603 | 20.3 years |
| 20 kW | $3.22 | $45,108 | $11,673 | 19.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Installation Process: When going solar, it’s crucial to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and 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 Newport, TN Solar Cost FAQs
How much does it cost to install solar panels in Newport?
This is a hard question to answer precisely, 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Newport?
You can’t get solar panels for free in Newport. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Newport have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.