Solar Panel Cost Guide in Erwin, NC (2023 Update)
- Erwin Solar Installation Cost: $12,357
- 25-Year Savings: $20,271
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Erwin
Here's how much it might cost to make the switch to solar in Erwin.
The national average cost of solar panels is $2.66 per watt, but in Erwin it's 2.54 per watt. Using this figure, a typical 7.0-kW system would cost about $12,357 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of going solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Erwin
| Year | Return on Investment |
|---|---|
| 1 years | $-11,052 |
| 3 years | $-8,442 |
| 5 years | $-5,831 |
| 7 years | $-3,221 |
| 9 years | $-611 |
| 11 years | $1,999 |
| 13 years | $4,609 |
| 15 years | $7,220 |
| 17 years | $9,830 |
| 19 years | $12,440 |
| 21 years | $15,050 |
| 23 years | $17,661 |
| 25 years | $20,271 |
Top Solar Installers in Erwin
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar company can make your swap to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
If you'd like to make the switch to solar but still aren't sure which solar installer 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 (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 Erwin
Factors that Affect Solar Panel Costs in Erwin
For many Erwin homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Erwin, 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 size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $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. However, higher efficiency could save you more over time on your electric bills. Additionally, extra products, like solar batteries, can bring your total well above the Erwin average.
Solar Financing Terms
Many homeowners find the average cost of solar in Erwin to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Erwin, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. You may see 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 promotions 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 | $2.64 | $11,095 | $17,088 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,069 | 9.7 years |
| 10 kW | $2.54 | $17,780 | $29,191 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $35,456 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,864 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,413 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,105 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $61,939 | 8.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer good-quality solar panel installation and expertise.
- Contract: When reading through your solar installer's contract, ask for clarification 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.
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 Erwin, NC Solar Cost FAQs
How much does it cost to install solar panels in Erwin?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally 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 cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Erwin?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Erwin?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.