Solar Panel Cost Guide in Elon, NC (2023 Update)
- Elon Solar Installation Cost: $12,375
- 25-Year Savings: $20,054
- Payback Period: 9.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elon
We go over average solar pricing in Elon.
In Elon, solar panels cost about 2.54 per watt on average. The average solar panel system size in Elon is around 7.0 kilowatts, meaning a cost of about $12,375 for a solar installation, or $17,696 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Elon homeowner. 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. Even with the large upfront cost, the average Elon homeowner can save around $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Elon
| Year | Return on Investment |
|---|---|
| 1 years | $-11,078 |
| 3 years | $-8,483 |
| 5 years | $-5,889 |
| 7 years | $-3,295 |
| 9 years | $-701 |
| 11 years | $1,894 |
| 13 years | $4,488 |
| 15 years | $7,082 |
| 17 years | $9,677 |
| 19 years | $12,271 |
| 21 years | $14,865 |
| 23 years | $17,460 |
| 25 years | $20,054 |
Top Solar Installers in Elon
Trying to put up solar panels on your own can be a difficult project, which is why using a solar installer is a good option for many homeowners. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you'd like to start using solar energy but still aren't sure which solar system installer 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 Elon
Factors that Affect Solar Panel Costs in Elon
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Elon: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,540. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Elon average.
Solar Financing Terms
Many homeowners find the average cost of solar in Elon to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. However, the interest on solar loans also adds to your all-in costs, so it's important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you want and also is within your budget.
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 | $16,854 | 9.9 years |
| 8 kW | $2.59 | $14,508 | $22,756 | 9.7 years |
| 10 kW | $2.54 | $17,780 | $28,801 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $34,988 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $41,317 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,789 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $54,402 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $61,158 | 8.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you need to get plays a part in which company you should choose, since different companies have different panels.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
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 Elon, NC Solar Cost FAQs
How much does it cost to install solar panels in Elon?
The average cost of solar panels in Elon 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 such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.