Solar Panel Cost Guide in Charlotte, MI (2023 Update)
- Charlotte Solar Installation Cost: $12,136
- 25-Year Savings: $21,552
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Charlotte
Let's take a look at the average cost of solar in Charlotte.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Charlotte, the typical cost of a solar system is 2.81 per watt. Since a 6.2-kW system is needed to cover the energy costs of a typical home in Charlotte, the average price of going solar will be about $12,136 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Charlotte homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With typical savings of about $21,000 on electricity bills over 20 years, many homeowners in Charlotte find investing in solar can be quite rewarding.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Charlotte
| Year | Return on Investment |
|---|---|
| 1 years | $-10,789 |
| 3 years | $-8,094 |
| 5 years | $-5,399 |
| 7 years | $-2,704 |
| 9 years | $-9 |
| 11 years | $2,687 |
| 13 years | $5,382 |
| 15 years | $8,077 |
| 17 years | $10,772 |
| 19 years | $13,467 |
| 21 years | $16,162 |
| 23 years | $18,857 |
| 25 years | $21,552 |
Top Solar Installers in Charlotte
Although it's possible to install solar panels yourself, it involves extra effort and expertise. Because of that, almost all homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Charlotte
Factors that Affect Solar Panel Costs in Charlotte
Although the average cost of a solar system in Charlotte is $12,136, your actual cost may differ. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,810. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Charlotte homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Charlotte is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for instance, you'll have many options for solar installers that offer a range of services at different price points. Some companies only sell high-quality, high-efficiency and high-price 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 decide on the company that has the products, warranties and services you're looking for and also fit into 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 | $2.92 | $12,274 | $20,477 | 9.4 years |
| 8 kW | $2.87 | $16,051 | $27,618 | 9.2 years |
| 10 kW | $2.81 | $19,670 | $34,916 | 9.0 years |
| 12 kW | $2.75 | $23,132 | $42,371 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $49,983 | 8.6 years |
| 16 kW | $2.64 | $29,584 | $57,753 | 8.5 years |
| 18 kW | $2.59 | $32,574 | $65,681 | 8.3 years |
| 20 kW | $2.53 | $35,406 | $73,765 | 8.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: If you're worried about the longevity of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
- Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Charlotte, MI Solar Cost FAQs
How much does it cost to install solar panels in Charlotte?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is it worth going solar in Charlotte?
Solar panels can be a beneficial 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 electricity bills are already fairly low, solar panels might not be for you.
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.