Solar Panels Cost 11k-23k in Oak Ridge, TN | October, 2024

Solar Panels Cost $11k-$23k in Oak Ridge, TN | October, 2024

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How much do solar panels cost in Oak Ridge, TN in 2024?

For the month of October, 2024, the price per watt of solar panels in Oak Ridge, TN is $4.13/W, on average.

For every 1000 watts (1 kW) your solar system can generate, you will have to spend, on average, $4,130 for installation. We are able to come to this conclusion in accordance with this rate price cost per watt. A 5 kW solar panel install in Oak Ridge will typically cost you $14,455 after applying the 30% federal tax credit. Your electricity use habits might need a bigger system.

To the left, you have the option to select your county and view the average roof size along with the average maximum capacity for solar panels in homes in your area. Outlined below are the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Oak Ridge: $14,455US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Oak Ridge: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Oak Ridge: $8,172US Average: $15,784

Solar Potential in Oak Ridge

Estimated system size and solar electricity production per median viable roof in
Oak Ridge.

Roof size 858sq. ft.
Capacity 12kW DC
Electricity 14kkWh AC per yr.

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

For Oak Ridge energy consumers, the average electric bill is $120.09 per month, with a usage of 927 kWh. Small residences, including duplexes, are also encompassed in the statistics cited in the previous sentence.

As of October 2024, the mean rate for electricity per kWh in Oak Ridge, TN is 12.96¢.

If you’re a typical energy user in Oak Ridge, you will need a solar system sized at 8 kW or more to meet your electricity needs. At the moment, an 8 kW solar panel installation is priced at $33,040, but with a 30% tax credit, it is reduced to $23,128

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Average solar panel costs by system size in Oak Ridge

On the left and below, you can see the cost breakdown for different sizes of the solar panel systems set up in Oak Ridge. A bigger solar array will expectedly cost more, but it will also yield more significant electricity savings and increased income tax credits.

Using the solar panel cost calculator situated below and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $120.09 in Oak Ridge. To get results more personalized, change the $120.09 to match your average electricity bill.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $757 a year
Est. Price
$11,564
Savings from a 4kWthis system
  • Est. yearly production 5,823 kWh
  • Est. monthly savings $63
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.19 tons a year
  • Equivalent to planting 101 trees a year
  • Equivalent to driving 5,430 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $946 a year
Est. Price
$14,455
Savings from a 5kWthis system
  • Est. yearly production 7,279 kWh
  • Est. monthly savings $79
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 2.74 tons a year
  • Equivalent to planting 126 trees a year
  • Equivalent to driving 6,788 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,136 a year
Est. Price
$17,346
Savings from a 6kWthis system
  • Est. yearly production 8,735 kWh
  • Est. monthly savings $95
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 3.29 tons a year
  • Equivalent to planting 151 trees a year
  • Equivalent to driving 8,145 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,325 a year
Est. Price
$20,237
Savings from a 7kWthis system
  • Est. yearly production 10,191 kWh
  • Est. monthly savings $110
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 3.84 tons a year
  • Equivalent to planting 176 trees a year
  • Equivalent to driving 9,503 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,514 a year
Est. Price
$23,128
Savings from a 8kWthis system
  • Est. yearly production 11,647 kWh
  • Est. monthly savings $120
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 4.17 tons a year
  • Equivalent to planting 192 trees a year
  • Equivalent to driving 10,329 mi less a year

Oak Ridge Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and agricultural enterprises, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. Curious about your eligibility? Use our REAP Grant eligibility tool to check.

A 30% federal tax credit is offered to most homeowners for residential solar installations, which renders solar energy a feasible choice in various regions in the United States. In addition to the federal incentives, state and local programs also seek to boost solar energy uptake.

A number of utilities and governmental bodies in Tennessee provide 2 solar rebate and incentive programs.

Sales Tax Credit for Clean Energy Technology

Value:Varies

New devices used in the generation, storage, or distribution of "green energy" in Tennessee may be eligible for state sales/use tax exemptions. Qualifying equipment should use solar, wind, geothermal, or hydrogen fuel cell technology and be installed in a Department of Environment-certified facility. To claim the exemption, the installing contractor should submit application paperwork to the Department of Revenue at the time of purchase. The buyer must then fill out a corresponding form. Approved exemptions will be paid as a refund to the contractor.

Pathway Energy Efficiency Loan Program

Value:Varies

Tennessee's Energy Efficiency Loan Program (EELP) is operated by Pathway Lending, a private non-profit operating in multiple states. Through the program, small businesses, local nonprofits, and local governments may obtain special financing for new renewable energy investments and energy efficiency improvements. Repayment plans last up to six years and are typically based on energy savings at below-market interest. To apply, an organization must submit successful proposals and complete an energy audit. Additional information is available from the Pathway Lending website.

Are solar panels worth it in Tennessee?

If you're expecting to live in your home past the solar system's payback period, solar panels are a smart decision in Oak Ridge. A 5 kW solar system in Oak Ridge, TN could potentially save you $14,366.6 over the course of 20 years, with the break even point typically at 10 years.

The cost of not having solar panels in Oak Ridge, TN

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and are wholly reliant on your electric utility for electricity. The news has recently pointed out that full reliance on your utility is not always ideal.

Annually, the average number of outages per customer in Anderson County is about 2.63. Usually, outages have an average duration of 130.63 minutes. However, during critical events like equipment failure, landslides or planned maintenance, these times can extend dramatically.

Installing a solar panel system, irrespective of whether it has a backup battery, could reduce the pressure of future outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Anderson County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Oak Ridge, TN?

Your Energy Needs - While the upfront cost is higher, the price per watt declines with larger solar panel systems. Numerous people find it useful to set up a solar energy system that can replace their entire electric bill. This leads to maximum savings.

Make & Model - Like many other products, there are various makes and models of solar panels available. The installer you select may have specific system preferences, so it's crucial to pick a reputable contractor. Buyers who choose better equipment typically enjoy a better long-term experience.

Solar Panel Type - There's a good reason why monocrystalline panels are now the industry standard. These panels are more costly, yet they generate more energy. The majority of installers usually utilize panels crafted of this material.

Your Property - Every property and home is distinct. Trees, uneven ground, or additional challenges can make the installation more difficult. Many solar installers now are able to utilize satellite imagery to assess your home and factor in these elements in the first cost estimate.

Labor Rates - The wages that companies pay their employees are different, and these expenses are ultimately passed on in consumer prices. It is frequent for businesses that offer higher wages to get better reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be impacted by area-specific permitting and utility interconnection fees. Reliable installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other TN cities

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Who are the best solar installers in Oak Ridge?

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Monitoring of independent energy generation.
  • Installation of batteries for energy storage.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

Tungsten Electric

Nashville-Davidson metropolitan government, TN(615) 491-0206

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

LightEdison

Denver, CO(888) 966-6377

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Solar Plus

Atlanta, GA(470) 378-1182

Services

  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Oak Ridge, TN Solar Panel Cost FAQs

  • The average solar panel cost in Oak Ridge, TN as of October, 2024 is estimated at $4.13/W. The approximate cost of a 5 kW solar panel system in Oak Ridge, TN, after deducting federal tax credits, is $14,455.

  • Residents of Tennessee can currently take advantage of 2 rebates and incentives offered by various utilities and government bodies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Although cash payments provide the greatest savings, many financing options for solar panels now exist that are also cost-effective. Installers will often include details on financing partners in the quotes they provide initially.

  • Yes, the payback period for 5 kW solar energy systems in Oak Ridge, TN averages 10 years, with electricity savings of about $14,366.6 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01