Exploring the world of solar energy can feel like stepping into a bright new future—especially when you’re looking at installing panels in your home. Understanding the solar panel installation cost in Memphis, TN is key to making informed decisions. It’s not just about slapping some panels on your roof; it’s an investment towards a sustainable lifestyle and long-term savings. With average costs swinging significantly after incentives are applied, getting clear figures becomes crucial.
Understanding Solar Panel Installation Cost in Memphis, TN
The average cost of installing solar panels in Tennessee is around $38,520 before any incentives or $26,964 after the federal tax credit. These numbers assume that you pay the typical per-watt cost of $3.21 in the area and need a 12 kW system, which most Tennesseeans need.
The average cost of solar panels in Tennessee is around $3.21 per watt. Most homeowners in the state need a 12 kilowatt (kW) system, which brings the typical solar panel installation cost to $38,520 before any incentives or $26,964 after the federal investment tax credit (ITC).
These are just average numbers, and it’s not uncommon for prices to fall between a sizable range, usually between $20,223 and $33,705 after the federal credit. System size is one of the most significant cost factors for solar arrays in Tennessee. The table below includes some information on different system sizes that are common in the Volunteer State.
The Impact of System Size on Solar Panel Costs
Another thing to keep in mind is that the size of your solar panel system will definitely affect how much you end up paying for installation.
Larger solar installations will typically have a lower cost per watt, because the panels can be purchased at a ‘bulk price’. However, these larger solar systems will still have a higher total cost, because they are made up of more individual panels.
How System Size Affects Installation Cost
Homeowners in the area of Memphis can save big on their energy bills by going solar. You’ll see how much money you could potentially free up each year if this is something your home needs, plus tips for making sure it goes smoothly from start to finish. For those considering solar installation in the area, expect to invest $10,017 – $15,405 for smaller homes and up to $21,452 – $55,949 if your home is larger with higher kilowatts requirements.
Benefits and ROI from Residential Solar Systems
It’s no secret that installing solar panels on your home just isn’t in the budget for many homeowners, but Roberts says it is slowly becoming more affordable.— Local 24 News (@LocalMemphis) April 22, 2022
Long-term Savings from Using Solar Energy
Diving into the fiscal landscape of solar investments in Memphis, Tennessee, homeowners can relish in the fact that the initial sting of solar installation costs is significantly alleviated by a medley of incentives. The average cost of a residential solar system in Memphis hovers around the $12,000 to $18,000 range after the federal Investment Tax Credit (ITC) slashes 26% off the top. This awesome federal credit steps in to lighten the financial load for those in Memphis looking to make greener energy choices. On a local level, the Tennessee Valley Authority’s (TVA) Green Power Providers program offers additional financial relief by crediting homeowners for surplus energy generated, though it’s crucial to remain vigilant as this program’s parameters evolve.
Choosing High-Efficiency Panels for Better ROI
Memphis gets about 5 hours of sunlight a day on average, which is plenty to support more solar energy installations in the future (including homeowners choosing to install their own panels).— Local 24 News (@LocalMemphis) April 22, 2022
Solar Panel Installation Cost in Memphis, TN FAQs:
How much do solar panels cost in Memphis Tennessee?
In Memphis, you’re looking at roughly $13,000 to $16,000 for a standard system after tax credits.
Is solar worth it in Tennessee?
Absolutely. With sunny days and incentives like tax credits, Tennesseans see their investment pay off in savings.
How much would it cost to install solar panels for a US house of about 2000 sq ft?
For a home this size, expect costs between $15,000 and $25,000 post-tax credit. Size and energy needs play big roles.
How much does a 10kW solar system cost?
A 10kW setup will set you back around $20K-$30K before any rebates or incentives kick in.
Conclusion
In wrapping up our journey through the landscape of solar panel installation cost in Memphis, TN, remember this isn’t merely about upfront expenses or navigating technical specs—it’s an adventure into financial savvy and eco-conscious living. If you’re ready to dive in, click here to get free quotes from local contractors.
