Solar Panel Cost Guide in Oak Grove, TN (2023 Update)
- Oak Grove Solar Installation Cost: $14,317
- 25-Year Savings: $18,530
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oak Grove
Let's have a look at the average cost of solar in Oak Grove.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oak Grove, the typical cost of solar panels is 2.49 per watt. To cover the typical energy usage of the average home in Oak Grove, most homeowners require a 8.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $14,310, or $20,463 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Oak Grove can save around $15,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Oak Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-12,957 |
| 3 years | $-10,236 |
| 5 years | $-7,516 |
| 7 years | $-4,796 |
| 9 years | $-2,075 |
| 11 years | $645 |
| 13 years | $3,366 |
| 15 years | $6,086 |
| 17 years | $8,806 |
| 19 years | $11,527 |
| 21 years | $14,247 |
| 23 years | $16,967 |
| 25 years | $19,688 |
Top Solar Installers in Oak Grove
When switching to solar energy, many homeowners prefer to use a solar company since overseeing your solar installation yourself can be a challenging project. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Oak Grove
Factors that Affect Solar Panel Costs in Oak Grove
Even though the average cost of a solar system in Oak Grove is $14,310, your final cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,490. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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 increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Oak Grove, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's vital to consider that as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Oak Grove, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Oak Grove 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 end up saving you 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 | $2.59 | $10,876 | $13,117 | 11.3 years |
| 8 kW | $2.54 | $14,223 | $17,769 | 11.1 years |
| 10 kW | $2.49 | $17,430 | $22,559 | 10.9 years |
| 12 kW | $2.44 | $20,498 | $27,490 | 10.7 years |
| 14 kW | $2.39 | $23,426 | $32,559 | 10.5 years |
| 16 kW | $2.34 | $26,215 | $37,768 | 10.2 years |
| 18 kW | $2.29 | $28,864 | $43,117 | 10.0 years |
| 20 kW | $2.24 | $31,374 | $48,605 | 9.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose considerably influences your costs and your system's durability and efficiency, 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: Different companies carry different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: If you care about the longevity of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
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 Oak Grove, TN Solar Cost FAQs
What is the average cost of installing solar panels in Oak Grove?
The average cost of solar panels in Oak Grove is about $12,450 for a 5-kW system and $24,900 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Oak Grove?
A solar panel system isn't free in Oak Grove, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.