Solar Panel Cost Guide in Erwin, NC (2023 Update)
- Erwin Solar Installation Cost: $12,351
- 25-Year Savings: $20,277
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Erwin
Find out what the average cost of installing solar panels is in Erwin.
Although the national average of solar panels is $2.66 per watt, solar panels in Erwin typically cost around 2.54. The average Erwin homeowner needs a 7.0-kilowatt system, which would cost about $12,357 with the federal tax credit, or $17,671 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you will look different based on your energy needs and what company you want to go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar company in Erwin that can help you get a more accurate cost estimate for your home.
Solar savings over time in Erwin
| Year | Return on Investment |
|---|---|
| 1 years | $-10,879 |
| 3 years | $-7,937 |
| 5 years | $-4,995 |
| 7 years | $-2,053 |
| 9 years | $889 |
| 11 years | $3,831 |
| 13 years | $6,774 |
| 15 years | $9,716 |
| 17 years | $12,658 |
| 19 years | $15,600 |
| 21 years | $18,542 |
| 23 years | $21,485 |
| 25 years | $24,427 |
Top Solar Installers in Erwin
Although you can install solar panels on your own, it involves extra effort and expertise. For that reason, most homeowners choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
Working with a vetted solar installer 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
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
While the average cost of a solar system in Erwin is $12,357, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Erwin homeowners choose to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies operating in Erwin, and each can charge varying amounts for labor and equipment. Additionally, some companies in Erwin know more about local solar incentives and can help you make good use of 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 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 | $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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a quality company.
- 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.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
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 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 $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
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.