Solar Panel Cost Guide in Selmer, TN (2024 Update)
- Selmer Solar Installation Cost: $19,310
- 25-Year Savings: $4,275
- Payback Period: 27.3 Years
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Average Cost of Solar Panels in Selmer
Let’s have a look at the average cost of solar panels in Selmer.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Selmer, the typical cost of solar panels is 4 per watt.Since a 7.7-kW system is needed to cover the energy consumption of a typical home in Selmer, the average price of going solar will be about $19,310 after claiming the federal solar tax credit of 0.
How much you pay can be higher or lower than the average in Selmer based on several factors, such as the model of solar panels you choose and the solar installer you hire.Even with the significant upfront cost, the average Selmer homeowner can save around $9,200 on their energy bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar installer in Selmer that can help you get a more accurate cost estimate for your home.
Solar savings over time in Selmer
| Year | Return on Investment |
|---|---|
| 1 years | $-17,728 |
| 3 years | $-14,566 |
| 5 years | $-11,403 |
| 7 years | $-8,241 |
| 9 years | $-5,078 |
| 11 years | $-1,916 |
| 13 years | $1,247 |
| 15 years | $4,410 |
| 17 years | $7,572 |
| 19 years | $10,735 |
| 21 years | $13,897 |
| 23 years | $17,060 |
| 25 years | $20,222 |
Top Solar Installers in Selmer
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with an installer can make switching to solar power much easier. Another perk of going with a solar company is that they can help you make the most of your investment by lowering your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
Working with a professional solar installer can help your solar project go smoothly. 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 Selmer
Factors that Affect Solar Panel Costs in Selmer
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Selmer: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
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 Selmer.The brand of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that have higher efficiency, 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 looking into a solar system that’s in your budget.
Solar Financing Terms
Most solar installers in Selmer offer solar loans, which reduce the initial cost of installing solar panels.While solar loans make going solar more accessible for Selmer homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 company you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Selmer, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, 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 | $-1,851 | 28.4 years |
| 8 kW | $3.65 | $20,449 | $-2,067 | 27.8 years |
| 10 kW | $3.58 | $25,060 | $-2,082 | 27.3 years |
| 12 kW | $3.51 | $29,471 | $-1,897 | 26.7 years |
| 14 kW | $3.44 | $33,681 | $-1,512 | 26.2 years |
| 16 kW | $3.37 | $37,690 | $-926 | 25.6 years |
| 18 kW | $3.29 | $41,499 | $-139 | 25.1 years |
| 20 kW | $3.22 | $45,108 | $848 | 24.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Selmer, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: If you’re concerned about the durability of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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 Selmer, TN Solar Cost FAQs
What is the average cost of installing solar panels in Selmer?
This is a difficult 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 additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Selmer?
Leasing solar panels can be an option if you can’t 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 home 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.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.