Solar Panel Cost Guide in Erwin, NC (2024 Update)
- Erwin Solar Installation Cost: $17,067
- 25-Year Savings: $20,277
- Payback Period: 13.1 Years
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Average Cost of Solar Panels in Erwin
We break down average solar pricing in Erwin.
The national average cost of solar panels is $2.66 per watt, but in Erwin it’s 4 per watt.Using this figure, a typical 6.9-kW system would cost about $17,067 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more.Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Erwin can save about $18,000 on their energy bills over 20 years.
Click the button below to get connected to a top solar panel company in Erwin for a personalized estimate.
Solar savings over time in Erwin
| Year | Return on Investment |
|---|---|
| 1 years | $-15,596 |
| 3 years | $-12,654 |
| 5 years | $-9,712 |
| 7 years | $-6,769 |
| 9 years | $-3,827 |
| 11 years | $-885 |
| 13 years | $2,057 |
| 15 years | $4,999 |
| 17 years | $7,941 |
| 19 years | $10,884 |
| 21 years | $13,826 |
| 23 years | $16,768 |
| 25 years | $19,710 |
Top Solar Installers in Erwin
Although you can install solar panels by yourself, it involves extra labor and handiness. That's why most homeowners choose to hire a solar panel installer. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar company as well, which can save you more money after your initial investment.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Erwin
Factors that Affect Solar Panel Costs in Erwin
Even though the average cost of a solar system in Erwin is $17,067, your actual cost may differ. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Erwin, one of the most important 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 energy bills. Your overall cost can increase by around $3,510 for each additional kilowatt you need.The kind of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider 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 falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Erwin homeowners opt to finance their solar panel systems to make paying for solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Erwin is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Additionally, some companies in Erwin are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $3.65 | $15,332 | $12,851 | 13.6 years |
| 8 kW | $3.58 | $20,049 | $17,528 | 13.3 years |
| 10 kW | $3.51 | $24,570 | $22,401 | 13.1 years |
| 12 kW | $3.44 | $28,894 | $27,471 | 12.8 years |
| 14 kW | $3.37 | $33,022 | $32,738 | 12.6 years |
| 16 kW | $3.30 | $36,953 | $38,201 | 12.3 years |
| 18 kW | $3.23 | $40,688 | $43,860 | 12.0 years |
| 20 kW | $3.16 | $44,226 | $49,717 | 11.8 years |
How to Save on Solar Panels
The company that does your solar system 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 a tough decision, we have some tips to help you, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Contract: When reading through your solar company’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 the company going out of business.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Erwin, NC Solar Cost FAQs
What is the average cost of installing solar panels in Erwin?
The average cost of solar panels in Erwin 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 like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Erwin?
Solar panels aren’t free in Erwin, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $939.43 per year.
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 typically 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.