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.
Although the national average of solar panels is $2.66 per watt, solar panels in Red Bank typically cost around 4.Since a 7.8-kW system is needed to cover the energy usage of a typical home in Red Bank, the average price of going solar will be about $19,502 after claiming the federal solar tax credit of 0.
How much you pay can be higher or lower than the average in Red Bank based on a few factors, such as the kind of solar panels you choose and the solar company you hire.Many homeowners find going solar is a sound investment. The average homeowner in Red Bank can save around $9,900 on their power bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
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
Many homeowners opt for a solar panel installer since figuring out how to install solar panels on your own can be challenging. The payback period of solar panels will vary depending on factors like your roof configuration and energy needs, but working with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Red Bank
Factors that Affect Solar Panel Costs in Red Bank
There are several criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 power your household consumes, the larger your system will likely need to be. You can expect to pay around $3,580 per kilowatt in Red Bank.The kind of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, 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
Many homeowners find the average cost of solar in Red Bank to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time due to interest.While solar loans make adopting solar energy more accessible for Red Bank homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Red Bank, and each can charge different amounts for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price 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 has the products, warranties and services you’re looking for 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 | $-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
There are many 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:
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: If you care about the durability of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Red Bank, TN Solar Cost FAQs
What is the average cost of installing 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Red Bank?
Solar panels aren’t free in Red Bank, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will solar panels impact my property value?
Solar panels can increase your home value remarkably 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 higher amount 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.