Solar Panel Cost Guide in Oak Ridge, TN (2024 Update)
- Oak Ridge Solar Installation Cost: $19,807
- 25-Year Savings: $11,766
- Payback Period: 19.4 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 Oak Ridge
We go over average solar pricing in Oak Ridge.
The average cost of a solar panel system in Oak Ridge is 4 per watt.Using this figure, a typical 7.9-kW system would cost about $19,807 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Oak Ridge homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Despite the high initial cost, the average Oak Ridge homeowner can save around $13,000 on their power bills over 20 years, which is one of the benefits of solar.
To receive a free quote from a vetted solar installation company in Oak Ridge, you can click the button below.
Solar savings over time in Oak Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-18,194 |
| 3 years | $-14,967 |
| 5 years | $-11,740 |
| 7 years | $-8,513 |
| 9 years | $-5,287 |
| 11 years | $-2,060 |
| 13 years | $1,167 |
| 15 years | $4,394 |
| 17 years | $7,620 |
| 19 years | $10,847 |
| 21 years | $14,074 |
| 23 years | $17,301 |
| 25 years | $20,528 |
Top Solar Installers in Oak Ridge
Although you can install solar panels yourself, it takes extra labor and knowledge. That's one of the reasons most homeowners choose to go with a solar panel installer. Another great thing about choosing a vetted solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Oak Ridge
Factors that Affect Solar Panel Costs in Oak Ridge
The cost of installing a solar system in Oak Ridge can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Oak Ridge homeowners decide to finance their solar panel systems to make going solar more affordable.It’s wise to include 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 the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can influence your pricing. Oak Ridge’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $3,752 | 20.2 years |
| 8 kW | $3.65 | $20,449 | $5,404 | 19.8 years |
| 10 kW | $3.58 | $25,060 | $7,256 | 19.4 years |
| 12 kW | $3.51 | $29,471 | $9,309 | 19.0 years |
| 14 kW | $3.44 | $33,681 | $11,562 | 18.6 years |
| 16 kW | $3.37 | $37,690 | $14,015 | 18.2 years |
| 18 kW | $3.29 | $41,499 | $16,670 | 17.8 years |
| 20 kW | $3.22 | $45,108 | $19,524 | 17.4 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total 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 consider, including:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Different companies carry different brands and models of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
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 Oak Ridge, TN Solar Cost FAQs
What is the average cost of installing solar panels in Oak Ridge?
This is a tough question to answer exactly, because the cost depends on a few different 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 higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Oak 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 don’t have access to many solar incentives. Also your property 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 bang for your buck from going solar.
Do solar panels increase your home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 account for 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.