Solar Panel Cost Guide in Forest City, NC (Mar 2023)
- Forest City Solar Installation Cost: $12,162
- 25-Year Savings: $20,727
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Forest City
Find out what the average cost of solar panel installation is in Forest City.
The national average cost of solar panels is $2.66 per watt, but in Forest City it's 2.54 per watt. The average solar panel system size in Forest City is around 6.8 kilowatts, meaning a cost of about $12,162 for a solar installation, or $17,392 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Forest City depending on a few factors, such as the kind of solar panels you choose and the solar installer you hire. With typical savings of about $18,000 on electricity bills over 20 years, many homeowners in Forest City find installing solar panels can be quite rewarding.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Forest City
| Year | Return on Investment |
|---|---|
| 1 years | $-10,846 |
| 3 years | $-8,215 |
| 5 years | $-5,584 |
| 7 years | $-2,953 |
| 9 years | $-321 |
| 11 years | $2,310 |
| 13 years | $4,941 |
| 15 years | $7,572 |
| 17 years | $10,203 |
| 19 years | $12,834 |
| 21 years | $15,465 |
| 23 years | $18,096 |
| 25 years | $20,727 |
Top Solar Installers in Forest City
Many homeowners decide to hire a solar installation company since trying to install solar panels by yourself can be a lot of work. Local solar companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some 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 Forest City
Factors that Affect Solar Panel Costs in Forest City
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Forest City: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Forest City. The kind of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond 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 looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your all-in costs, so it's vital to keep that in mind as well. You can always bring down 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 installation company you pick will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $17,740 | 9.6 years |
| 8 kW | $2.59 | $14,508 | $23,938 | 9.4 years |
| 10 kW | $2.54 | $17,780 | $30,278 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $36,760 | 9.1 years |
| 14 kW | $2.44 | $23,896 | $43,385 | 8.9 years |
| 16 kW | $2.39 | $26,741 | $50,151 | 8.7 years |
| 18 kW | $2.34 | $29,444 | $57,060 | 8.5 years |
| 20 kW | $2.29 | $32,004 | $64,111 | 8.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which installer you should choose, since different companies have access to different panels.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component 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 Forest City, NC Solar Cost FAQs
What is the average cost of installing solar panels in Forest City?
This is a difficult question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Forest City?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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.
How much can I save on electricity bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Forest City, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Forest City?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.