Solar Panel Cost Guide in Red Bank, TN (2024 Update)
- Red Bank Solar Installation Cost: $19,502
- 25-Year Savings: $5,643
- Payback Period: 25.4 Years
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Average Cost of Solar Panels in Red Bank
Here’s how much it might cost to go solar in Red Bank.
The average cost of a solar system in Red Bank is 4 per watt.The average Red Bank homeowner needs a 7.8-kilowatt system, which would cost about $19,502 with the federal tax credit, or $27,888 before the 0 tax credit is applied.
These figures are only averages, and the cost of going solar for you will most likely differ based on your energy needs and what company you choose to go with.Even with the significant upfront cost, the average Red Bank homeowner can save around $9,900 on their electricity bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a reputable solar company in your area for a customized quote.
Solar savings over time in Red Bank
| Year | Return on Investment |
|---|---|
| 1 years | $-17,975 |
| 3 years | $-14,922 |
| 5 years | $-11,868 |
| 7 years | $-8,814 |
| 9 years | $-5,760 |
| 11 years | $-2,706 |
| 13 years | $348 |
| 15 years | $3,401 |
| 17 years | $6,455 |
| 19 years | $9,509 |
| 21 years | $12,563 |
| 23 years | $15,617 |
| 25 years | $18,670 |
Top Solar Installers in Red Bank
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring a solar panel installer can make switching to solar power much easier. The payback period on a solar system will vary depending on factors like your roof configuration and energy needs, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you're looking for a solar installer in Red Bank, we've organized a list of our top suggestions here:
See all of the solar companies in Red Bank
Factors that Affect Solar Panel Costs in Red Bank
The cost of installing a solar system in Red Bank can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $3,580 per kilowatt in Red Bank.There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Red Bank have solar loans, which reduce the initial cost of installing a solar system.However, the interest on solar loans also increases your total costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $-829 | 26.4 years |
| 8 kW | $3.65 | $20,449 | $-704 | 25.9 years |
| 10 kW | $3.58 | $25,060 | $-379 | 25.4 years |
| 12 kW | $3.51 | $29,471 | $147 | 24.9 years |
| 14 kW | $3.44 | $33,681 | $873 | 24.4 years |
| 16 kW | $3.37 | $37,690 | $1,800 | 23.9 years |
| 18 kW | $3.29 | $41,499 | $2,927 | 23.4 years |
| 20 kW | $3.22 | $45,108 | $4,254 | 22.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: When making the switch to solar, it’s essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can look into your installer’s reputation is by reading reviews.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
EcoWatch's Red Bank, TN Solar Cost FAQs
How much does it cost to install solar panels in Red Bank?
The average cost of solar panels in Red Bank is about $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Red Bank?
You can’t get solar panels for free in Red Bank. 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 rather own your solar panels, you can finance them with a solar loan.
How will solar panels impact my property value?
Solar panels can increase your home value significantly 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 often do you have to replace solar panels?
On average, solar panels can last 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 level 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.