Solar Panel Cost Guide in Elizabeth City, NC (2023 Update)
- Elizabeth City Solar Installation Cost: $12,339
- 25-Year Savings: $22,728
- Payback Period: 8.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elizabeth City
Let's take a look at the average cost of solar panels in Elizabeth City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elizabeth City, the typical cost of solar panels is 2.54 per watt. The average Elizabeth City homeowner needs a 6.9-kilowatt system, which would cost about $12,339 with the federal tax credit, or $17,645 before the 30% tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely vary based on your specific situation and what company you want to go with. With average savings of about $19,000 on electricity bills over 20 years, many homeowners in Elizabeth City find going solar has a decent ROI.
You can click the button below to get connected with a top solar installer in Elizabeth City that can help you get a more accurate cost estimate for your home.
Solar savings over time in Elizabeth City
| Year | Return on Investment |
|---|---|
| 1 years | $-10,937 |
| 3 years | $-8,131 |
| 5 years | $-5,326 |
| 7 years | $-2,521 |
| 9 years | $285 |
| 11 years | $3,090 |
| 13 years | $5,896 |
| 15 years | $8,701 |
| 17 years | $11,506 |
| 19 years | $14,312 |
| 21 years | $17,117 |
| 23 years | $19,922 |
| 25 years | $22,728 |
Top Solar Installers in Elizabeth City
Many homeowners decide to use a solar installation company since trying to install solar panels yourself can be challenging. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
If you'd like to start using solar energy but still aren't certain which solar panel company to go with, here are our suggestions 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 Elizabeth City
Factors that Affect Solar Panel Costs in Elizabeth City
The cost of installing a solar system in Elizabeth City can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, 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 affects the overall cost of installing solar panels. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Elizabeth City average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a role in determining the cost. Elizabeth City's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have 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 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 | $19,236 | 9.1 years |
| 8 kW | $2.59 | $14,508 | $25,933 | 9.0 years |
| 10 kW | $2.54 | $17,780 | $32,772 | 8.8 years |
| 12 kW | $2.49 | $20,909 | $39,753 | 8.6 years |
| 14 kW | $2.44 | $23,896 | $46,876 | 8.4 years |
| 16 kW | $2.39 | $26,741 | $54,142 | 8.3 years |
| 18 kW | $2.34 | $29,444 | $61,550 | 8.1 years |
| 20 kW | $2.29 | $32,004 | $69,100 | 7.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Solar Panel Brands: Different companies offer various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Companies that have been operating for many years likely have a good 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.
- Contract: Before you sign a contract with a solar company, make sure to 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 the warranty covers and what services you can expect from them.
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 Elizabeth City, NC Solar Cost FAQs
What is the average cost of installing solar panels in Elizabeth City?
This is a hard question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Elizabeth City?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 option if you want to maximize your savings.
How will solar panels impact the value of my home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for 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."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using 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.