Solar Panel Cost Guide in Elroy, NC (Mar 2023)
- Elroy Solar Installation Cost: $12,446
- 25-Year Savings: $19,606
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elroy
Let's take a look at the average cost of solar panels in Elroy.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elroy, the average cost of a solar system is 2.54 per watt. Since a 7.0-kW system is needed to cover the energy usage of a typical home in Elroy, the average price of going solar will be about $12,446 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you will vary based on your specific situation and what company you go with. Despite the significant upfront cost, the average Elroy homeowner can save around $17,000 on their power bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a pre-vetted solar company in Elroy for a quote for your home.
Solar savings over time in Elroy
| Year | Return on Investment |
|---|---|
| 1 years | $-11,164 |
| 3 years | $-8,600 |
| 5 years | $-6,036 |
| 7 years | $-3,471 |
| 9 years | $-907 |
| 11 years | $1,657 |
| 13 years | $4,221 |
| 15 years | $6,786 |
| 17 years | $9,350 |
| 19 years | $11,914 |
| 21 years | $14,478 |
| 23 years | $17,042 |
| 25 years | $19,606 |
Top Solar Installers in Elroy
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make your swap to solar power much easier. The expertise that solar companies offer can be invaluable as well, especially if you aren't sure what type of solar equipment you need.
Working with a licensed solar installer 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 Elroy
Factors that Affect Solar Panel Costs in Elroy
The cost of installing a solar system in Elroy can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. The type of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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's in your budget.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. While solar loans make going solar more accessible for Elroy homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
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 Elroy is the company you choose to install your PV system. As with choosing a company to install new cabinets, for instance, you'll have many options for solar installers that offer a range of services for different budgets. Additionally, some companies in Elroy have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $16,397 | 10.1 years |
| 8 kW | $2.59 | $14,508 | $22,147 | 9.9 years |
| 10 kW | $2.54 | $17,780 | $28,040 | 9.7 years |
| 12 kW | $2.49 | $20,909 | $34,075 | 9.5 years |
| 14 kW | $2.44 | $23,896 | $40,252 | 9.3 years |
| 16 kW | $2.39 | $26,741 | $46,571 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,032 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $59,636 | 8.7 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on 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:
- Warranty: If you care about the durability of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
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 Elroy, NC Solar Cost FAQs
What is the average cost of installing solar panels in Elroy?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Elroy?
You can't get solar panels for free in Elroy. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Elroy, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.