Solar Panel Cost Guide in Mount Olive, AL (2024 Update)
- Mount Olive Solar Installation Cost: $22,260
- 25-Year Savings: $35,701
- Payback Period: 10.8 Years
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Average Cost of Solar Panels in Mount Olive
Find out how much it might cost to go solar in Mount Olive.
In Mount Olive, solar panels cost about 3 per watt on average.The average Mount Olive homeowner needs a 9.1-kilowatt system, which would cost about $22,260 with the federal tax credit, or $31,832 before the 0 tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely look different based on factors unique to your home and what company you go with.But, after you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $21,000 over 20 years on power bills.
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Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-20,413 |
| 3 years | $-16,718 |
| 5 years | $-13,022 |
| 7 years | $-9,327 |
| 9 years | $-5,632 |
| 11 years | $-1,937 |
| 13 years | $1,758 |
| 15 years | $5,453 |
| 17 years | $9,148 |
| 19 years | $12,844 |
| 21 years | $16,539 |
| 23 years | $20,234 |
| 25 years | $23,929 |
Top Solar Installers in Mount Olive
Although you can install solar panels by yourself, it involves extra time and expertise. That's why almost all homeowners choose to hire a solar panel installer. Local solar installers can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
If you're searching for a solar company in Mount Olive, the EcoWatch team has put together a list of our top suggestions here:
See all of the solar companies in Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
The cost of installing a solar system in Mount Olive can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,490.The model of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Mount Olive have solar loans, which reduce your upfront costs of installing a solar system.However, the interest on solar loans also increases your overall costs, so it’s vital to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Mount Olive, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.63 | $15,244 | $18,554 | 11.3 years |
| 8 kW | $3.56 | $19,935 | $25,129 | 11.1 years |
| 10 kW | $3.49 | $24,430 | $31,900 | 10.8 years |
| 12 kW | $3.42 | $28,730 | $38,866 | 10.6 years |
| 14 kW | $3.35 | $32,834 | $46,028 | 10.4 years |
| 16 kW | $3.28 | $36,743 | $53,385 | 10.2 years |
| 18 kW | $3.21 | $40,456 | $60,938 | 10.0 years |
| 20 kW | $3.14 | $43,974 | $68,686 | 9.8 years |
How to Save on Solar Panels
There are numerous companies available in Mount Olive, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Mount Olive, AL Solar Cost FAQs
How much does it cost to install solar panels in Mount Olive?
The average cost of solar panels in Mount Olive is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Mount Olive?
You can’t get solar panels for free in Mount Olive. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Does Mount Olive have a net metering program?
Most states have net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.