Solar Panel Cost Guide in Asheboro, NC (2023 Update)
- Asheboro Solar Installation Cost: $12,286
- 25-Year Savings: $20,225
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Asheboro
Find out how much it might cost to switch to solar power in Asheboro.
The average cost of a solar system in Asheboro is 2.54 per watt. The average solar panel system size in Asheboro is around 6.9 kilowatts, meaning a cost of about $12,286 for a solar installation, or $17,569 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you may look different based on the amount of energy your home requires and what company you go with. With average savings of about $18,000 on utility bills over 20 years, many homeowners in Asheboro find investing in solar can pay off big.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Asheboro
| Year | Return on Investment |
|---|---|
| 1 years | $-10,986 |
| 3 years | $-8,385 |
| 5 years | $-5,784 |
| 7 years | $-3,183 |
| 9 years | $-582 |
| 11 years | $2,019 |
| 13 years | $4,620 |
| 15 years | $7,221 |
| 17 years | $9,822 |
| 19 years | $12,422 |
| 21 years | $15,023 |
| 23 years | $17,624 |
| 25 years | $20,225 |
Top Solar Installers in Asheboro
Installing solar panels on your own can be a time-consuming undertaking, which is why using a solar installer is a good option for many homeowners. Plus, if you're unsure what kind of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Asheboro
Factors that Affect Solar Panel Costs in Asheboro
The cost of installing a solar system in Asheboro can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require 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 $2,540. The brand of solar panels and equipment you get is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, 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 into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Asheboro, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's crucial to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. 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 at a higher cost. It's best to do some research and choose a company that offers the products, warranties and services you're looking for and also fits 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 | $2.64 | $11,095 | $17,128 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,121 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,257 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,536 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,956 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,519 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,224 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $62,071 | 8.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Asheboro, NC Solar Cost FAQs
How much does it cost to install solar panels in Asheboro?
The average cost of solar panels in Asheboro is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Asheboro?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase how much your home is worth?
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 Asheboro is currently $121,446, which means you can expect a value of about $4,979 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Asheboro is a fruitful investment.
How long do solar panels last in Asheboro?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of 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 continue to use 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.