Solar Panel Cost Guide in Mount Olive, AL (2023 Update)
- Mount Olive Solar Installation Cost: $15,624
- 25-Year Savings: $35,704
- Payback Period: 7.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mount Olive
Find out how much it might cost to install solar panels in Mount Olive.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mount Olive, the average cost of a solar system is 2.45 per watt. To account for the typical energy usage of the average home in Mount Olive, most homeowners require a 9.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,624, or $22,342 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you want to get, your solar contractor and more. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $21,000 over 20 years on utility bills.
To receive a free estimate from a pre-vetted solar company in Mount Olive, you can click the button below.
Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-13,571 |
| 3 years | $-9,464 |
| 5 years | $-5,358 |
| 7 years | $-1,252 |
| 9 years | $2,854 |
| 11 years | $6,961 |
| 13 years | $11,067 |
| 15 years | $15,173 |
| 17 years | $19,279 |
| 19 years | $23,385 |
| 21 years | $27,492 |
| 23 years | $31,598 |
| 25 years | $35,704 |
Top Solar Installers in Mount Olive
When making the switch to solar, many homeowners decide to go with a solar installer since installing a solar system yourself can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're on the hunt for a solar company in Mount Olive, we've put together a list of our top suggestions here:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
Even though the average cost of a solar system in Mount Olive is $15,624, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,450. There are a lot of different solar panel brands and the one you pick also changes the cost. Usually, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Mount Olive have solar loans, which reduce the initial cost of installing a solar system. Though solar loans make adopting solar energy more accessible for Mount Olive homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in Mount Olive, and each can charge varying amounts for labor and equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.55 | $10,702 | $23,096 | 7.9 years |
| 8 kW | $2.50 | $13,994 | $31,070 | 7.8 years |
| 10 kW | $2.45 | $17,150 | $39,180 | 7.6 years |
| 12 kW | $2.40 | $20,168 | $47,428 | 7.5 years |
| 14 kW | $2.35 | $23,050 | $55,812 | 7.3 years |
| 16 kW | $2.30 | $25,794 | $64,334 | 7.2 years |
| 18 kW | $2.25 | $28,400 | $72,994 | 7.0 years |
| 20 kW | $2.21 | $30,870 | $81,790 | 6.9 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: The brand of solar panel you need plays a part in which installer you should go with, since different companies provide different panels.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Mount Olive, AL Solar Cost FAQs
What is the average cost of installing solar panels in Mount Olive?
The average cost of solar panels in Mount Olive is about $12,250 for a 5-kW system and $24,500 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Mount Olive?
A solar panel system isn't free in Mount Olive, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in Mount Olive?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.