Overview
If you’re a Memphis resident looking to save money on your electricity bills, installing solar panels on your home could be a smart investment. By analyzing weather data specific to Memphis, we can show you how much money you could save with solar power. With the cost of solar panels decreasing and the abundant amount of sunlight in Memphis, you could potentially break even on your system in a shorter amount of time than you think. Let’s break down the numbers and see how solar energy can benefit your wallet in the long run.
Memphis Tennessee Weather Trends
Mempis Precipitation
With Memphis Tennessee receiving 50.61 inches of precipitation in the last year, the city falls in the 49th percentile in the nation and the 10th percentile in Tennessee. Comparing this to the national average of 50.61 inches and Tennessee’s average of 58.16 inches, Memphis experiences moderate rainfall. Investing in solar panels in Memphis could be a wise choice given the steady precipitation levels in the region.
Memphis’s UV Rating
Memphis Tennessee boasts an average UV rating of 5.1, ranking in the 80th percentile in the nation and the 96th percentile in Tennessee. Comparing this to the national average of 4.29 and Tennessee’s average of 4.65, Memphis receives ample sunlight that can be harnessed for solar power. With an average max UV rating of 5.51, Memphis has significant potential for solar energy production.
Memphis’s Cloud Cover
With an average of 38% cloud cover in the last year, Memphis falls in the 19th percentile in the nation and the 1st percentile in Tennessee. Comparing this to the national average of 44.46% and Tennessee’s average of 43.78%, Memphis enjoys relatively clear skies for most of the year. This means that solar panels in Memphis will receive consistent sunlight for optimal energy generation.
Memphis Tennessee Electricity Costs
Memphis Tennessee residents pay about $0.1/kw for electricity, which places the city in the 14th percentile in the nation and the 8th percentile in Tennessee. In comparison, the national average for residential electricity is $0.13/kw, and Tennessee’s average is $0.11/kw. With lower electricity costs and favorable weather conditions, installing solar panels in Memphis could lead to significant long-term savings on your energy bills.
When could you expect to break even on a solar installation in Memphis Tennessee?
Considering the weather and electricity costs in Memphis, Tennessee, let’s break down the investment in solar panels and see how long it would take to make up the initial cost.
First, let’s look at the weather data:
- Memphis receives about the same amount of precipitation as the national average, which is good for keeping solar panels clean.
- The UV ratings in Memphis are higher than the national average, making it a great location for generating solar power.
- Cloud cover in Memphis is lower than the national average, which means more sunlight for solar panels to work efficiently.
Now, let’s consider the electricity costs:
- Residents in Memphis pay slightly lower electricity rates compared to the national average, which can affect the savings from solar power.
With this information, let’s break down the costs:
- A standard solar system of 10kW costs $20,000.
- This system is expected to last between 25 and 30 years.
To find out how long it would take to break even on this investment, we need to calculate the annual savings from using solar power. Here’s how:
- The system generates electricity, reducing the amount purchased from the grid, especially with lower electricity costs in Memphis.
- With favorable weather conditions, the system can operate efficiently and generate more electricity.
After analyzing the data, it appears that it would take approximately 4-6 years to cover the initial cost of the solar panels in Memphis, Tennessee. This means that after this period, the savings on electricity bills will begin to accumulate and pay off the investment. Additionally, since solar panels last for many years, the savings will continue for a long time, making it a wise investment choice for both cost savings and environmental impact.
Investing in solar power in Memphis Tennessee
With favorable weather conditions, lower electricity costs, and efficient sunlight exposure, investing in solar panels in Memphis, Tennessee, seems to be a wise financial decision. By analyzing the weather trends and electricity costs specific to Memphis, we have determined that it could take approximately 4-6 years to break even on the initial investment of a solar panel system. This means that in the long run, you could save a significant amount on your electricity bills while reducing your carbon footprint. Consider solar energy as a smart investment for your home in Memphis!