Solar Panel Cost Guide in Elkin, NC (Mar 2023)
- Elkin Solar Installation Cost: $12,464
- 25-Year Savings: $22,304
- Payback Period: 9.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Elkin
Let's have a look at the average cost of solar panels in Elkin.
While the national average of solar panels is $2.66 per watt, solar panels in Elkin generally cost around 2.54. Using this figure, a typical 7.0-kW system would cost about $12,464 before the 30% 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 most homeowners, the upfront cost of solar is worth paying. On average homeowners in Elkin see about $19,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Elkin that can help you get a more accurate cost estimate for your home.
Solar savings over time in Elkin
| Year | Return on Investment |
|---|---|
| 1 years | $-11,073 |
| 3 years | $-8,292 |
| 5 years | $-5,510 |
| 7 years | $-2,729 |
| 9 years | $53 |
| 11 years | $2,834 |
| 13 years | $5,615 |
| 15 years | $8,397 |
| 17 years | $11,178 |
| 19 years | $13,960 |
| 21 years | $16,741 |
| 23 years | $19,522 |
| 25 years | $22,304 |
Top Solar Installers in Elkin
When making the switch to solar, many homeowners choose to hire a solar company since putting up solar panels yourself can be a time-consuming project. The expertise that solar companies offer can be helpful as well, especially if you don't quite know what kind of solar equipment would be right for your home.
There are various 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 (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 Elkin
Factors that Affect Solar Panel Costs in Elkin
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Elkin: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Elkin, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Elkin, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Elkin, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean 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. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $18,651 | 9.3 years |
| 8 kW | $2.59 | $14,508 | $25,152 | 9.1 years |
| 10 kW | $2.54 | $17,780 | $31,796 | 9.0 years |
| 12 kW | $2.49 | $20,909 | $38,582 | 8.8 years |
| 14 kW | $2.44 | $23,896 | $45,510 | 8.6 years |
| 16 kW | $2.39 | $26,741 | $52,581 | 8.4 years |
| 18 kW | $2.34 | $29,444 | $59,793 | 8.2 years |
| 20 kW | $2.29 | $32,004 | $67,148 | 8.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: The type of solar panel you need to get plays a part in which company you should opt for, since different companies offer different panels.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Elkin, NC Solar Cost FAQs
How much does it cost to install solar panels in Elkin?
The average cost of solar panels in Elkin is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Elkin?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having 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.