Solar Panel Cost Guide in Oak Ridge, FL (2024 Update)
- Oak Ridge Solar Installation Cost: $12,301
- 25-Year Savings: $21,624
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Oak Ridge
Let’s have a look at the average cost of solar in Oak Ridge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oak Ridge, the average cost of solar panels is 3 per watt.The average solar panel system size in Oak Ridge is around 5.5 kilowatts, meaning a cost of about $12,301 for a solar installation, or $17,590 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of equipment you want, your solar contractor and more.For many homeowners, the upfront cost of solar panels is worth paying. On average Oak Ridge homeowners see about $22,000 in savings on electricity bills over 20 years.
To get a free quote from a highly rated 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 | $-10,526 |
| 3 years | $-6,977 |
| 5 years | $-3,427 |
| 7 years | $122 |
| 9 years | $3,672 |
| 11 years | $7,222 |
| 13 years | $10,771 |
| 15 years | $14,321 |
| 17 years | $17,870 |
| 19 years | $21,420 |
| 21 years | $24,969 |
| 23 years | $28,519 |
| 25 years | $32,069 |
Top Solar Installers in Oak Ridge
Trying to put up solar panels by yourself can be a challenging project, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for you.
If you're searching for a solar company in Oak Ridge, we've put together a list of our top suggestions here:
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Oak Ridge
Factors that Affect Solar Panel Costs in Oak Ridge
Though the average cost of a solar system in Oak Ridge is $12,301, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,210.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Oak Ridge, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Oak Ridge homeowners opt to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your total costs, so it’s crucial to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Oak Ridge is the company you get to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that offer a range of services for different budgets.Additionally, some companies in Oak Ridge are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.34 | $14,021 | $20,304 | 10.2 years |
| 8 kW | $3.27 | $18,336 | $27,432 | 10.0 years |
| 10 kW | $3.21 | $22,470 | $34,739 | 9.8 years |
| 12 kW | $3.15 | $26,425 | $42,226 | 9.6 years |
| 14 kW | $3.08 | $30,200 | $49,893 | 9.4 years |
| 16 kW | $3.02 | $33,795 | $57,740 | 9.2 years |
| 18 kW | $2.95 | $37,210 | $65,766 | 9.0 years |
| 20 kW | $2.89 | $40,446 | $73,972 | 8.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies have different brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: If you care about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Oak Ridge, FL Solar Cost FAQs
What is the average cost of installing solar panels in Oak Ridge?
The average cost of solar panels in Oak Ridge is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is it worth going solar in Oak Ridge?
Solar panels can be a beneficial 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 reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.