Solar Panel Cost Guide in Carrboro, NC (2023 Update)
- Carrboro Solar Installation Cost: $12,394
- 25-Year Savings: $20,642
- Payback Period: 9.4 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 Carrboro
See how much it might cost to go solar in Carrboro.
In Carrboro, solar panels cost about 2.54 per watt on average. The average Carrboro homeowner needs a 7.0-kilowatt system, which would cost about $12,393 with the federal tax credit, or $17,722 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Carrboro 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 Carrboro homeowner can save around $18,000 on their power bills over 20 years, which is one of the benefits of solar.
To receive a free quote from a highly rated solar installation company in Carrboro, you can click the button below.
Solar savings over time in Carrboro
| Year | Return on Investment |
|---|---|
| 1 years | $-10,998 |
| 3 years | $-8,205 |
| 5 years | $-5,411 |
| 7 years | $-2,618 |
| 9 years | $175 |
| 11 years | $2,968 |
| 13 years | $5,762 |
| 15 years | $8,555 |
| 17 years | $11,348 |
| 19 years | $14,141 |
| 21 years | $16,934 |
| 23 years | $19,728 |
| 25 years | $22,521 |
Top Solar Installers in Carrboro
Many homeowners decide to hire a solar panel company since trying to install solar panels yourself can be a labor-intensive endeavor. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be best for your home.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Carrboro
Factors that Affect Solar Panel Costs in Carrboro
The cost of installing a solar system in Carrboro can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Carrboro average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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 more than the original 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
A final factor to consider when trying to figure out the cost of solar for your home or business in Carrboro is the company you choose to install your PV system. As with choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services at different costs. The company's size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater 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 down 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 | $2.64 | $11,095 | $17,340 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,405 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,611 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,960 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,452 | 9.0 years |
| 16 kW | $2.39 | $26,741 | $49,085 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $55,861 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $62,779 | 8.4 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 find the right company for you, here are some tips to keep in mind:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Carrboro, NC Solar Cost FAQs
How much does it cost to install solar panels in Carrboro?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Carrboro?
Leasing solar panels can be an appealing choice, because it often 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will installing solar panels impact my home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.