Solar Panels Cost $19k-$30k in Martin, TN | October, 2024

Electricity Costs in Martin, TN & What that Means for Your Solar Panel Pricing

For energy consumers in Martin, the average electric bill amounts to $150.19 per month, with a typical usage of 1,315 kWh. Remember that apartments and smaller homes, which generally have lower energy needs, are encompassed in this statistic.

In October 2024, the average electricity rate in Martin, TN amounts to 11.42¢ per kWh.

If you’re a typical energy user in Martin, you may need a solar system sized at 11 kW or larger to take care of all your electricity needs. Upfront, an 11 kW solar installation is around $44,000, with the federal tax credit returning 30% of your investment amount, lowering the cost to $30,800.

Are solar panels worth it in Tennessee?

For those looking to stay in their home past the solar system's payback period, solar panels are a good investment in Martin. Installing a 5 kW solar system in Martin, TN will, on average, save you $22,045.6 over 20 years, and you can expect to break even in about 8 years.

The cost of not having solar panels in Martin, TN

In addition to forgoing the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. Complete reliance on your utility provider isn't always the best idea, as recent examples in the news have shown.

Martin utilities have reported 9.62 outages per customer per year recently. Outages generally last for an average of 79.46 minutes. During major occurrences like lightning strikes, aging infrastructure, or planned maintenance, these times can extend significantly.

A solar energy system, whether it includes a backup battery or not, could help relieve the burden of future power outages you may experience.

What impacts the cost of solar panels in Martin, TN?

Your Energy Needs - While larger solar panel systems involve a greater upfront expense, the average price per watt drops as the system size grows. It is often useful for consumers to set up a solar system that can generate enough electricity to offset their electric bill, which ensures significant savings.

Make & Model - Solar panels come in a wide variety of makes and models. The contractor’s preference for system makes it important to select a highly rated company. Better quality makes and models often lead to a more favorable long-term experience for buyers.

Solar Panel Type - Monocrystalline panels are broadly acknowledged as the standard in the industry, and for good cause. Even with a higher cost, this technology yield more energy. The majority of installers choose panels constructed using this material.

Your Property - No two homes or properties are the same. Elements like trees, irregular terrain, or other challenges might complicate the installation process. Solar installers nowadays commonly use satellite imagery to evaluate your home and factor in these elements into the preliminary cost estimate.

Labor Rates - The costs related to the varying wages given by companies to their employees are transferred to the consumers. Higher wages typically lead to businesses getting better reviews for their services and customer service.

Permitting & Interconnection - Depending on the location, permitting and utility interconnection fees will influence your installation price. Quality local installers will include these figures in your initial estimates to guarantee transparency.