Solar Savings Calculator for Memphis, TN
Homeowners in Memphis pay an average of $140/month for electricity through Memphis Light, Gas and Water (MLGW). With 4.7 peak sun hours per day, solar panels can significantly reduce your energy costs.
$140
Avg Monthly Bill
12.5¢/kWh
Electricity Rate
4.7h/day
Peak Sun Hours
$43,108
Est. 25-Year Savings
Calculate Your Savings in Memphis
Adjust Your Details for Memphis, TN
$
$50$1,000
50010,000
5¢50¢
Your Estimated Solar Savings
System Size
8 kW
Panel Count
20 panels
Total System Cost
$22,000
Federal Tax Credit (30%)
-$6,600
Net Cost
$15,400
Annual Savings
$1,680
Payback Period
9.2 years
25-Year Savings
$43,108
Return on Investment
280%
* Estimates based on 4.7 peak sun hours/day in Memphis, TN, system cost of $2.75/watt, 30% federal ITC, 3% annual electricity inflation, and 0.5% annual panel degradation over 25 years. Actual results may vary.
Local Solar Details for Memphis
Utility & Permits
- Utility Company
- Memphis Light, Gas and Water (MLGW)
- Permit Cost
- $300
- Permit Timeline
- 2-3 weeks
- Net Metering
- none
System Estimates
- Recommended Size
- 8 kW
- Panel Count
- 20 panels
- Gross Cost
- $22,000
- Net Cost (after credits)
- $15,400
Available Incentives for Memphis, TN
Federal Solar Investment Tax Credit (ITC)
Reduces federal income tax liability by 30% of the total cost of a solar energy system, including equipment and installation.
Other Cities in Tennessee
More Solar Tools for Memphis
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