Solar Panel Cost Guide in Cornelius, NC (2023 Update)
- Cornelius Solar Installation Cost: $12,126
- 25-Year Savings: $19,289
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cornelius
Let's take a look at the average cost of solar panels in Cornelius.
The national average cost of solar panels is $2.66 per watt, but in Cornelius it's 2.54 per watt. The average solar panel system size in Cornelius is around 6.8 kilowatts, meaning a cost of about $12,126 for a solar installation, or $17,340 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Cornelius depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $17,000 in savings on electricity bills over 20 years.
To get a free estimate from a top solar company in Cornelius, you can click the button below.
Solar savings over time in Cornelius
| Year | Return on Investment |
|---|---|
| 1 years | $-10,869 |
| 3 years | $-8,356 |
| 5 years | $-5,843 |
| 7 years | $-3,330 |
| 9 years | $-816 |
| 11 years | $1,697 |
| 13 years | $4,210 |
| 15 years | $6,723 |
| 17 years | $9,236 |
| 19 years | $11,750 |
| 21 years | $14,263 |
| 23 years | $16,776 |
| 25 years | $19,289 |
Top Solar Installers in Cornelius
Although you can install solar panels on your own, it requires extra energy and expertise. That's one of the reasons most people choose to hire a solar panel installer. The expertise that solar installers provide can be useful as well, especially if you don't quite know what type of solar equipment would be right for your home.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 Cornelius
Factors that Affect Solar Panel Costs in Cornelius
There are many factors that can affect your solar system 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. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment is 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 for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Cornelius homeowners choose to finance their solar panel systems to offset upfront costs. Although solar loans make switching to solar energy more accessible for Cornelius 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the massive popularity of renewable energy solutions in Cornelius, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more 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 promotion can bring their pricing lower 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 | $16,525 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,318 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,254 | 9.7 years |
| 12 kW | $2.49 | $20,909 | $34,331 | 9.5 years |
| 14 kW | $2.44 | $23,896 | $40,551 | 9.3 years |
| 16 kW | $2.39 | $26,741 | $46,913 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,417 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $60,063 | 8.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Solar Panel Brands: Different companies offer various brands and types of panels. If you want a specific brand, make sure the solar installer you're considering has it.
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 Cornelius, NC Solar Cost FAQs
What is the average cost of installing solar panels in Cornelius?
This is a hard question to answer precisely, because the cost depends on a variety of 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 needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Cornelius?
Leasing solar panels can be an option if you can't afford to pay upfront or get 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 will installing solar panels impact the value of my 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 Cornelius is currently $306,175, so you could be looking at a value of about $12,553 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Cornelius is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily 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 buy between 20 and 35 panels to cover 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.