Solar Panel Cost Guide in Elroy, NC (2023 Update)
- Elroy Solar Installation Cost: $12,438
- 25-Year Savings: $19,615
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Elroy
We break down average solar pricing in Elroy.
In Elroy, solar panels cost about 2.54 per watt on average. Because 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%.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy usage and what company you go with. Despite the high initial cost, the average Elroy homeowner can save around $17,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elroy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,331 |
| 3 years | $-12,117 |
| 5 years | $-11,903 |
| 7 years | $-11,690 |
| 9 years | $-11,476 |
| 11 years | $-11,262 |
| 13 years | $-11,049 |
| 15 years | $-10,835 |
| 17 years | $-10,621 |
| 19 years | $-10,408 |
| 21 years | $-10,194 |
| 23 years | $-9,980 |
| 25 years | $-9,767 |
Top Solar Installers in Elroy
Many homeowners decide to hire a solar panel company since trying to put up solar panels yourself can be a lot of work. Plus, if you're unsure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our recommendations for providers near you:
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
The cost of installing a solar system in Elroy can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Elroy, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,540 for each additional kilowatt you need. The brand and kind 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 are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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 have solar loans, which reduce your upfront costs of installing solar panels. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can impact your pricing. Elroy's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Elroy have more knowledge about local solar incentives and can help you learn about 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 help you save 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
There are numerous 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:
- Warranty: A 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 offer various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
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?
This is a difficult question to answer exactly, 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 more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elroy?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Elroy?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.