*Solar panel cost varies by location, solar panel mqanufacturer, system size and the amount of electricity your home uses.
Installing solar panels can help reduce your NES bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
Perhaps. With the Federal 26% solar tax credit and available sales tax exemption, home solar panels could be an investment worthy of your careful consideration as a Nashville Electric Service customer in Tennessee. The state legislature could make the picture look better by implementing a statewide net metering policy which would ensure you get full retail rate credits for the excess solar energy you produce onsite which you can’t use. TVA currently sets those rates, and they’re far lower than retail.
No, Nashville Electric Service does not offer full 1 for 1 net metering. This means that when you export surplus power from your solar panels, you will be paid less by the utility than what you are charged to buy the equivalent amount of power from the grid.
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a NES customer:
|Residential Clean Energy Tax Credit (Federal)||-$10,424|
Green Energy Property Tax Assessment
The assessed value of the system cannot exceed 12.5% of total costs of the installation.
|TVA - Green Power Providers (Utility)||Varies|
*Based on 13.46 kW system, average installation cost $34,746
If you input the details for a NES customer with a power bill of $150 per month into the best online solar panels calculator, it tells you that you need a 13.46 kW solar system that will produce 18,605 kWh per year and that this system will return the owner a $42,285 profit after repaying the cost of the system.
The solar savings possible for you as a NES customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical NES customer with a $150 per month electric bill prior to solar and who installs a 13.46 kW solar system.
Showing data for:
Prices based on a 11.9kW system, after 30% federal tax credit
System Size (for 100% usage offset)
Annual Power Generation
Pay-back time (assuming Cash purchase)
Internal Rate of Return (IRR) on Investment
Total Upfront Incentives and Rebates
Net Cost of System after rebates and incentives
Total Cost of Utility Power Avoided over 25 years
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Nashville Electric Service customer installing a 13.46 kW solar system on their property:A solar system generating 18,605 kWh per year will save you money AND make the world a nicer place
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.58 per watt or $25,711 for a standard 13.46 kW solar system after the customer claims the 30% federal solar tax credit.