In 2022, Tennessee constructed 400MW of solar energy, one of the nation’s largest efforts.
Interesting, given the paucity of support from state legislators. Nevertheless, the construction suggests that solar panels in Tennessee can function.
If you are considering installing one in your own residence, we have everything you need to get started.
Tennessee Solar Panel Rebates, Credits, and Incentives
Cost-wise, residents of the Volunteer State are able to make the transition with no breaking the bank.
Yet, Tennessee legislators provide little assistance. Therefore, inhabitants must shoulder the majority of the cost.
Thankfully, additional incentives exist to assist with installation. For instance, the federal solar tax credit reduces the cost of solar purchases by thirty percent. In conjunction with a TVA rebate, homeowners might conserve as much as $5,500 or more.
Cost of Solar Panels on Average in Tennessee
When examining the actual price of solar panels in Tennessee, they may appear to be inexpensive. At $2.49 per watt, they tend to be more affordable than in the majority of states.
If you were to acquire a standard 6kW array, you could anticipate spending approximately $14,940.
Tennessee residents enjoy some of the lowest electricity costs in the United States thanks to the Tennessee Valley Authority’s extraordinary efforts.
Nevertheless, they also use the second-most electricity of all states, resulting in monthly electric expenditures that exceed $130. This means that Tennesseans require a larger solar array than other states to power their residences.
Solar Energy Save Money
To calculate your earnings, repay the array first. If Tennesseans use $1,576.80 average annual electricity cost for a 6kW system, they’d take around 9.5 years to recover.
Remember, higher amperage might be needed for some. After payoff, net returns begin. With a 20-25 year panel lifespan, potential earnings are $16,556 to $24,440.