Solar Panel Cost Guide in Collierville, TN (2024 Update)
- Collierville Solar Installation Cost: $19,280
- 25-Year Savings: $9,039
- Payback Period: 21.5 Years
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Average Cost of Solar Panels in Collierville
Let’s take a look at the average cost of solar in Collierville.
In Collierville, solar panels cost about 4 per watt on average.The average solar panel system size in Collierville is around 7.7 kilowatts, meaning a cost of about $19,280 for a solar installation, or $27,570 before the 0 federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will vary based on your energy needs and what company you choose to go with.With average savings of about $12,000 on electricity bills over 20 years, many homeowners in Collierville find going solar can pay off big.
To receive a free quote from a pre-vetted solar installer in Collierville, you can click the button below.
Solar savings over time in Collierville
| Year | Return on Investment |
|---|---|
| 1 years | $-17,772 |
| 3 years | $-14,756 |
| 5 years | $-11,739 |
| 7 years | $-8,722 |
| 9 years | $-5,706 |
| 11 years | $-2,689 |
| 13 years | $328 |
| 15 years | $3,344 |
| 17 years | $6,361 |
| 19 years | $9,378 |
| 21 years | $12,394 |
| 23 years | $15,411 |
| 25 years | $18,428 |
Top Solar Installers in Collierville
Installing solar panels yourself can be a difficult project, which is why using a solar installer is a good option for many homeowners. Another good thing about using a vetted solar installer is that it'll provide warranties and free repairs, which help protect your investment.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Collierville
Factors that Affect Solar Panel Costs in Collierville
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $3,580 per kilowatt in Collierville.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Collierville to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.Though solar loans make going solar more accessible for Collierville homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Collierville, and each can charge different amounts for labor and equipment.Additionally, some companies in Collierville are more knowledgeable about local solar incentives and can help you take advantage of 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 | $3.72 | $15,637 | $1,869 | 22.3 years |
| 8 kW | $3.65 | $20,449 | $2,893 | 21.9 years |
| 10 kW | $3.58 | $25,060 | $4,118 | 21.5 years |
| 12 kW | $3.51 | $29,471 | $5,543 | 21.0 years |
| 14 kW | $3.44 | $33,681 | $7,168 | 20.6 years |
| 16 kW | $3.37 | $37,690 | $8,994 | 20.2 years |
| 18 kW | $3.29 | $41,499 | $11,021 | 19.8 years |
| 20 kW | $3.22 | $45,108 | $13,248 | 19.3 years |
How to Save on Solar Panels
There are a lot of companies available in Collierville, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: The type of solar panel you’d like plays a role in which company you should go with, since different companies have different panels.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
EcoWatch's Collierville, TN Solar Cost FAQs
What is the average cost of installing solar panels in Collierville?
This is a tough question to answer exactly, 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Collierville?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is switching to solar power worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.