Solar Panel Cost Guide in Wilmington Island, GA (2023 Update)
- Wilmington Island Solar Installation Cost: $10,886
- 25-Year Savings: $24,775
- Payback Period: 7.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wilmington Island
Find out what the average cost of solar panels are in Wilmington Island.
The average cost of a solar panel system in Wilmington Island is 2.55 per watt. The average Wilmington Island homeowner needs a 6.1-kilowatt system, which would cost about $10,888 with the federal tax credit, or $15,570 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Wilmington Island can save around $22,000 on their energy bills over 20 years.
To get a free quote from a top solar company in Wilmington Island, you can click the button below.
Solar savings over time in Wilmington Island
| Year | Return on Investment |
|---|---|
| 1 years | $-9,293 |
| 3 years | $-6,106 |
| 5 years | $-2,920 |
| 7 years | $267 |
| 9 years | $3,453 |
| 11 years | $6,640 |
| 13 years | $9,826 |
| 15 years | $13,013 |
| 17 years | $16,199 |
| 19 years | $19,386 |
| 21 years | $22,572 |
| 23 years | $25,759 |
| 25 years | $28,945 |
Top Solar Installers in Wilmington Island
When going solar, many homeowners prefer to use a solar installer since installing a solar system yourself can be a challenging project. Plus, if you're unsure what type of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Wilmington Island, the EcoWatch team has put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Wilmington Island
Factors that Affect Solar Panel Costs in Wilmington Island
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Wilmington Island: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average. Although solar loans make adopting solar energy more accessible for Wilmington Island 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 make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Wilmington Island, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Wilmington Island have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $23,946 | 7.9 years |
| 8 kW | $2.60 | $14,566 | $32,214 | 7.8 years |
| 10 kW | $2.55 | $17,850 | $40,624 | 7.6 years |
| 12 kW | $2.50 | $20,992 | $49,177 | 7.5 years |
| 14 kW | $2.45 | $23,990 | $57,873 | 7.3 years |
| 16 kW | $2.40 | $26,846 | $66,712 | 7.2 years |
| 18 kW | $2.35 | $29,560 | $75,694 | 7.0 years |
| 20 kW | $2.29 | $32,130 | $84,818 | 6.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- 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 panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Wilmington Island, GA Solar Cost FAQs
What is the average cost of installing solar panels in Wilmington Island?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Wilmington Island?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wilmington Island is currently $271,200, so you can expect a value of about $11,119 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Wilmington Island is a rewarding investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.