Solar Panel Cost Guide in Boiling Spring Lakes, NC (2023 Update)
- Boiling Spring Lakes Solar Installation Cost: $11,373
- 25-Year Savings: $22,016
- Payback Period: 8.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Boiling Spring Lakes
Let's have a look at the average cost of solar in Boiling Spring Lakes.
Although the national average of solar panels is $2.66 per watt, solar panels in Boiling Spring Lakes typically cost about 2.54. Using this figure, a typical 6.4-kW system would cost about $11,379 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Boiling Spring Lakes 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. Even with the significant initial cost, the average Boiling Spring Lakes homeowner can save about $20,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Boiling Spring Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-11,262 |
| 3 years | $-11,039 |
| 5 years | $-10,816 |
| 7 years | $-10,594 |
| 9 years | $-10,371 |
| 11 years | $-10,149 |
| 13 years | $-9,926 |
| 15 years | $-9,703 |
| 17 years | $-9,481 |
| 19 years | $-9,258 |
| 21 years | $-9,036 |
| 23 years | $-8,813 |
| 25 years | $-8,590 |
Top Solar Installers in Boiling Spring Lakes
When going solar, many homeowners decide to use a solar installer since DIY solar panel installation can be a challenging project. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're searching for a solar installer in Boiling Spring Lakes, we've organized 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
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 Boiling Spring Lakes
Factors that Affect Solar Panel Costs in Boiling Spring Lakes
There are several factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install 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
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Boiling Spring Lakes, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. 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're only able to 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 getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies in Boiling Spring Lakes, and each can charge different amounts for labor and equipment. Additionally, some companies in Boiling Spring Lakes know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $2.64 | $11,095 | $20,225 | 8.9 years |
| 8 kW | $2.59 | $14,508 | $27,251 | 8.7 years |
| 10 kW | $2.54 | $17,780 | $34,419 | 8.5 years |
| 12 kW | $2.49 | $20,909 | $41,729 | 8.3 years |
| 14 kW | $2.44 | $23,896 | $49,182 | 8.2 years |
| 16 kW | $2.39 | $26,741 | $56,777 | 8.0 years |
| 18 kW | $2.34 | $29,444 | $64,514 | 7.8 years |
| 20 kW | $2.29 | $32,004 | $72,394 | 7.7 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 select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before deciding.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
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 Boiling Spring Lakes, NC Solar Cost FAQs
How much does it cost to install solar panels in Boiling Spring Lakes?
The average cost of solar panels in Boiling Spring Lakes 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Boiling Spring Lakes?
Leasing solar panels can be an option if you are unable to 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 property 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.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Boiling Spring Lakes, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.