Solar Panel Cost Guide in Elkin, NC (2025 Update)
- Elkin Solar Installation Cost: $17,231
- 25-Year Savings: $22,299
- Payback Period: 12.4 Years
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Average Cost of Solar Panels in Elkin
Let’s take a look at the average cost of solar panels in Elkin.
In Elkin, solar panels cost about 4 per watt on average.Using this figure, a typical 7.0-kW system would cost about $17,231 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Elkin homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Elkin see about $19,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elkin
| Year | Return on Investment |
|---|---|
| 1 years | $-15,909 |
| 3 years | $-13,264 |
| 5 years | $-10,620 |
| 7 years | $-7,976 |
| 9 years | $-5,332 |
| 11 years | $-2,687 |
| 13 years | $-43 |
| 15 years | $2,601 |
| 17 years | $5,245 |
| 19 years | $7,890 |
| 21 years | $10,534 |
| 23 years | $13,178 |
| 25 years | $15,822 |
Top Solar Installers in Elkin
Although you can install solar panels yourself, it takes extra effort and expertise. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your home.
If you’d like to make the switch to solar but still aren’t sure which solar system company to go with, here are our suggestions for providers nearby:
See all of the solar companies in Elkin
Factors that Affect Solar Panel Costs in Elkin
There are a number of criteria that can determine 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
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,510. The kind of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment consists of 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 researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Elkin have solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of financing options, 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 remarkably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Elkin, and each can charge different amounts 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 more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.65 | $15,332 | $14,414 | 12.9 years |
| 8 kW | $3.58 | $20,049 | $19,612 | 12.6 years |
| 10 kW | $3.51 | $24,570 | $25,006 | 12.4 years |
| 12 kW | $3.44 | $28,894 | $30,597 | 12.1 years |
| 14 kW | $3.37 | $33,022 | $36,385 | 11.9 years |
| 16 kW | $3.30 | $36,953 | $42,369 | 11.6 years |
| 18 kW | $3.23 | $40,688 | $48,549 | 11.4 years |
| 20 kW | $3.16 | $44,226 | $54,926 | 11.2 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose greatly impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
EcoWatch's Elkin, NC Solar Cost FAQs
What is the average cost of installing solar panels in Elkin?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elkin is currently $215,236, so you can expect a value of about $8,825 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Elkin is a rewarding investment.
How long do solar panels last in Elkin?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.