Solar Panel Cost Guide in Latimer, MS (2024 Update)
- Latimer Solar Installation Cost: $17,701
- 25-Year Savings: $28,714
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Latimer
Find out what the average cost of a solar system is in Latimer.
The national average cost of solar panels is $2.66 per watt, but in Latimer it’s 3 per watt.Because a 8.1-kW system is needed to cover the energy needs of a typical home in Latimer, the average price of going solar will be about $17,701 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what company you go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $21,000 over 20 years on electricity bills.
Click the button below to get connected to a top solar installer in your area for a personalized quote.
Solar savings over time in Latimer
| Year | Return on Investment |
|---|---|
| 1 years | $-15,955 |
| 3 years | $-12,463 |
| 5 years | $-8,971 |
| 7 years | $-5,479 |
| 9 years | $-1,987 |
| 11 years | $1,505 |
| 13 years | $4,997 |
| 15 years | $8,489 |
| 17 years | $11,981 |
| 19 years | $15,473 |
| 21 years | $18,965 |
| 23 years | $22,457 |
| 25 years | $25,949 |
Top Solar Installers in Latimer
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make swapping over to solar power much easier. The expertise that solar companies provide can be useful as well, particularly if you aren’t sure what kind of solar equipment you need.
If you're on the hunt for a solar company in Latimer, we've compiled 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 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 Latimer
Factors that Affect Solar Panel Costs in Latimer
The cost of installing a solar system in Latimer can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is more than 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Latimer to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.While solar loans make adopting solar energy more accessible for Latimer homeowners, they can also add to the total you pay for your system due to interest. If you put down 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 select will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have 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 | $3.27 | $13,716 | $18,765 | 10.6 years |
| 8 kW | $3.20 | $17,936 | $25,372 | 10.4 years |
| 10 kW | $3.14 | $21,980 | $32,155 | 10.2 years |
| 12 kW | $3.08 | $25,848 | $39,113 | 9.9 years |
| 14 kW | $3.01 | $29,541 | $46,247 | 9.7 years |
| 16 kW | $2.95 | $33,058 | $53,558 | 9.5 years |
| 18 kW | $2.89 | $36,399 | $61,043 | 9.3 years |
| 20 kW | $2.83 | $39,564 | $68,705 | 9.1 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: If you’re concerned about the durability of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Latimer, MS Solar Cost FAQs
What is the average cost of installing solar panels in Latimer?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $15,700 for a 5-kW system and $31,400 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 higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Are solar panels free in Latimer?
Solar panels aren’t free in Latimer, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does Latimer have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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.