Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Lowered energy bills: You can avoid the premium cost of grid-tied power by creating some electricity right where you use it.
- Reduced carbon footprint: Using clean solar power lowers your dependence on fossil fuels, which release greenhouse gases that damage the environment.
- Better energy independence: Solar systems with battery storage operate through blackouts and emergencies, and you won't have to rely on the electrical grid for your safety and well-being.
What Solar Incentives Are Available to Nashville Homeowners?
Governments and utility companies often reward homeowners for embracing solar. Here are some of the rebates, tax credits or other programs you could qualify for.
Incentive Type: Property Tax Incentive
Depends upon sector
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Nashville
Choosing a company is the first step toward a well-oiled and cost-efficient solar array. Make your choice based on the following essential elements.
Licensing and Training
Tennessee requires any solar energy project valued at $25,000 or higher to be overseen by a licensed "prime contractor." The prime contractor is responsible for hiring licensed subcontractors as the job requires. Even if a project doesn't cross the $25,000 value threshold, you'll need a master electrician or electrical journeyman to pull permits. You should also visit a company's website to learn about its private certifications. Two of the most prestigious are the Solar Heating Installer and PV Installation Professional certificates, backed by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Nashville
The kind of solar panels you purchase dictates how much electricity you can produce. Monocrystalline panels give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't the best for large residential installations, but they are excellent accessories for non-traditional roofs.
Additional components, such as battery storage and electric vehicle (EV) chargers, will add to your overall costs. However, they might make your solar system more efficient and convenient to use. Not every solar company provides these extras, so look for a company that sells them if it's a priority for you.
If you're a resident of Nashville and are looking into a five-kilowatt solar energy system, you could expect to pay about $17,900 for materials and labor. Find more information on specific component and panel costs in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Nashville
Choosing the best financing solution will influence your overall solar system cost and expected savings. Common payment options include power purchase agreements, loans, leases, and cash payments. Though it involves a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a car or home loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a PPA lets you pay a fluctuating rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be appropriate in certain circumstances. Look for installers that offer two or more payment plans to find the right fit for your pocket.
The table below lists the average payback periods for different capacities of solar systems in Nashville.
You are eligible for a 26% federal tax credit for new solar energy devices until the year 2032. Municipal and state governments and utility companies might also offer rebates, discounts, and unique financing solutions that could save you more.
|Solar System Capacity
|Estimated Payback period
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Frequently Asked Questions About Solar in Nashville
How much money could I save by going solar in Nashville?
How common is solar energy in Nashville?
Should I expect a property value increase after installing solar panels?
How many years will an average solar system last?
Is installing solar panels a quick job?
How long does it take to pay back a solar loan in Nashville?
How can I enhance my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
How are traditional solar loans and PPAs different?
In contrast, solar loans can come from specialty lenders, local banks, the government and installer. You'll need to pass a credit check to qualify for most of them. While the upfront costs are larger, and you'll be responsible for maintenance, you'll also have complete ownership and can apply for many more financial rewards.
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