Solar Panel Cost Guide in Newport, TN (2024 Update)
- Newport Solar Installation Cost: $20,097
- 25-Year Savings: $8,790
- Payback Period: 22.1 Years
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Average Cost of Solar Panels in Newport
We break down average solar pricing in Newport.
The average cost of a solar panel system in Newport is 4 per watt.The average solar panel system size in Newport is around 8.0 kilowatts, meaning a cost of about $20,097 for a solar installation, or $28,739 before the 0 federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Newport based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire.With typical savings of about $11,000 on energy bills over 20 years, many homeowners in Newport find investing in solar can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-18,473 |
| 3 years | $-15,225 |
| 5 years | $-11,977 |
| 7 years | $-8,729 |
| 9 years | $-5,481 |
| 11 years | $-2,232 |
| 13 years | $1,016 |
| 15 years | $4,264 |
| 17 years | $7,512 |
| 19 years | $10,760 |
| 21 years | $14,009 |
| 23 years | $17,257 |
| 25 years | $20,505 |
Top Solar Installers in Newport
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. Local solar installers can also help you optimize your return on investment by walking you through any local incentives and by providing warranties and repairs.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Newport
Factors that Affect Solar Panel Costs in Newport
For many Newport homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Newport, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,580. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Newport, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. 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 time, but they can also be a big investment. That’s why many Newport homeowners opt to finance their solar panel systems to make going solar more affordable.While solar loans make adopting solar energy more accessible for Newport homeowners, they can also raise 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
Lastly, the company you choose to install your solar panels can affect the cost. Newport’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Newport 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 help you save 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 | $1,397 | 23.0 years |
| 8 kW | $3.65 | $20,449 | $2,263 | 22.5 years |
| 10 kW | $3.58 | $25,060 | $3,330 | 22.1 years |
| 12 kW | $3.51 | $29,471 | $4,598 | 21.6 years |
| 14 kW | $3.44 | $33,681 | $6,066 | 21.2 years |
| 16 kW | $3.37 | $37,690 | $7,734 | 20.7 years |
| 18 kW | $3.29 | $41,499 | $9,603 | 20.3 years |
| 20 kW | $3.22 | $45,108 | $11,673 | 19.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Contract: Review the contract terms closely to make sure you understand the overall cost, project timeline incentives and warranties.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
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 Newport, TN Solar Cost FAQs
What is the average cost of installing solar panels in Newport?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Newport?
You can’t get solar panels for free in Newport. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Does Newport have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.