Solar Panel Cost Guide in Davidson, NC (Mar 2023)
- Davidson Solar Installation Cost: $12,197
- 25-Year Savings: $18,470
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Davidson
See how much it might cost to install solar panels in Davidson.
The national average cost of solar panels is $2.66 per watt, but in Davidson it's 2.54 per watt. Using this figure, a typical 6.9-kW system would cost about $12,197 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may vary based on your specific situation and what company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $17,000 over 20 years on electricity bills.
To get a free estimate from a top solar company in Davidson, you can click the button below.
Solar savings over time in Davidson
| Year | Return on Investment |
|---|---|
| 1 years | $-10,970 |
| 3 years | $-8,517 |
| 5 years | $-6,064 |
| 7 years | $-3,610 |
| 9 years | $-1,157 |
| 11 years | $1,297 |
| 13 years | $3,750 |
| 15 years | $6,203 |
| 17 years | $8,657 |
| 19 years | $11,110 |
| 21 years | $13,564 |
| 23 years | $16,017 |
| 25 years | $18,470 |
Top Solar Installers in Davidson
Many homeowners opt for a solar panel installer since installing solar panels by yourself can be hard. In addition, if you'd like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Davidson
Factors that Affect Solar Panel Costs in Davidson
There are a number of criteria 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 does the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Davidson. The brand of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Davidson, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Davidson is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that offer a range of services for different budgets. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $15,719 | 10.3 years |
| 8 kW | $2.59 | $14,508 | $21,244 | 10.1 years |
| 10 kW | $2.54 | $17,780 | $26,910 | 9.9 years |
| 12 kW | $2.49 | $20,909 | $32,719 | 9.7 years |
| 14 kW | $2.44 | $23,896 | $38,670 | 9.5 years |
| 16 kW | $2.39 | $26,741 | $44,763 | 9.3 years |
| 18 kW | $2.34 | $29,444 | $50,999 | 9.2 years |
| 20 kW | $2.29 | $32,004 | $57,376 | 9.0 years |
How to Save on Solar Panels
There are a lot of companies available in Davidson, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you want to install plays a role in which company you should go with, since different companies have different panels.
- Warranty: If you're worried about the endurance of your solar energy system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Davidson, NC Solar Cost FAQs
What is the average cost of installing solar panels in Davidson?
The average cost of solar panels in Davidson 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 like the model 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 Davidson?
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 home 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 financial benefits from going solar.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $893.80 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a 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 install 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.