Solar Panel Cost Guide in Elroy, NC (2024 Update)
- Elroy Solar Installation Cost: $17,187
- 25-Year Savings: $19,615
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Elroy
We break down average solar pricing in Elroy.
Although the national average of solar panels is $2.66 per watt, solar panels in Elroy generally cost around 4.The average Elroy homeowner needs a 7.0-kilowatt system, which would cost about $17,187 with the federal tax credit, or $24,577 before the 0 tax credit is applied.
These figures are just averages, and your own solar costs will most likely differ based on your specific situation and what company you choose to go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Elroy can save about $17,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elroy
| Year | Return on Investment |
|---|---|
| 1 years | $-15,716 |
| 3 years | $-12,774 |
| 5 years | $-9,832 |
| 7 years | $-6,890 |
| 9 years | $-3,948 |
| 11 years | $-1,005 |
| 13 years | $1,937 |
| 15 years | $4,879 |
| 17 years | $7,821 |
| 19 years | $10,763 |
| 21 years | $13,706 |
| 23 years | $16,648 |
| 25 years | $19,590 |
Top Solar Installers in Elroy
When making the switch to solar, many homeowners opt to go with a solar installer since DIY solar panel installation can be a challenging project. The payback period of solar panels will vary based on factors like your roof configuration and energy use, but working with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our recommendations for providers in Elroy:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Elroy
Factors that Affect Solar Panel Costs in Elroy
For many Elroy homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Elroy, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use 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 $3,510.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Elroy offer solar loans, which reduce the initial cost of installing a solar system.While solar loans make going solar more accessible for Elroy homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials 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 | $3.65 | $15,332 | $12,160 | 13.9 years |
| 8 kW | $3.58 | $20,049 | $16,607 | 13.7 years |
| 10 kW | $3.51 | $24,570 | $21,250 | 13.4 years |
| 12 kW | $3.44 | $28,894 | $26,090 | 13.1 years |
| 14 kW | $3.37 | $33,022 | $31,126 | 12.9 years |
| 16 kW | $3.30 | $36,953 | $36,359 | 12.6 years |
| 18 kW | $3.23 | $40,688 | $41,788 | 12.3 years |
| 20 kW | $3.16 | $44,226 | $47,414 | 12.1 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Elroy, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will have different brands and models of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Elroy, NC Solar Cost FAQs
How much does it cost to install solar panels in Elroy?
The average cost of solar panels in Elroy is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Elroy?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase how much your 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 Elroy is currently $210,169, which means you could be looking at a value of about $8,617 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elroy is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 house 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.