Solar Panel Cost Guide in Oak Ridge, TN (2024 Update)
- Oak Ridge Solar Installation Cost: $19,807
- 25-Year Savings: $11,766
- Payback Period: 19.4 Years
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Average Cost of Solar Panels in Oak Ridge
We go over average solar pricing in Oak Ridge.
In Oak Ridge, solar panels cost about 4 per watt on average.Because a 7.9-kW system is needed to cover the energy needs of a typical home in Oak Ridge, the average price of going solar will be about $19,807 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 installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what solar installer you go with.Despite the large initial cost, the average Oak Ridge homeowner can save around $13,000 on their energy bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Oak Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-18,194 |
| 3 years | $-14,967 |
| 5 years | $-11,740 |
| 7 years | $-8,513 |
| 9 years | $-5,287 |
| 11 years | $-2,060 |
| 13 years | $1,167 |
| 15 years | $4,394 |
| 17 years | $7,620 |
| 19 years | $10,847 |
| 21 years | $14,074 |
| 23 years | $17,301 |
| 25 years | $20,528 |
Top Solar Installers in Oak Ridge
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring a solar company can make swapping over to solar power much easier. Another great thing about going with a reputable solar installer is that it'll provide warranties and free repairs, which help protect your investment.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Oak Ridge
Factors that Affect Solar Panel Costs in Oak Ridge
There are a number of factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need 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 $3,580.The brand and type of equipment you want for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra 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 Oak Ridge to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Oak Ridge, and each can charge different amounts for labor and equipment.Additionally, some companies in Oak Ridge are more knowledgeable about local solar incentives and can help you make good use 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 | $3,752 | 20.2 years |
| 8 kW | $3.65 | $20,449 | $5,404 | 19.8 years |
| 10 kW | $3.58 | $25,060 | $7,256 | 19.4 years |
| 12 kW | $3.51 | $29,471 | $9,309 | 19.0 years |
| 14 kW | $3.44 | $33,681 | $11,562 | 18.6 years |
| 16 kW | $3.37 | $37,690 | $14,015 | 18.2 years |
| 18 kW | $3.29 | $41,499 | $16,670 | 17.8 years |
| 20 kW | $3.22 | $45,108 | $19,524 | 17.4 years |
How to Save on Solar Panels
The solar installer you opt for will affect 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:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: The kind of solar panel you need to get plays a part in which company you should choose, since different companies have different panels.
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 Oak Ridge, TN 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 $17,900 for a 5-kW system and $35,800 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Oak Ridge?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase your home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can 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 get 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.