Solar Panel Cost Guide in Forest Oaks, NC (Mar 2023)
- Forest Oaks Solar Installation Cost: $12,393
- 25-Year Savings: $16,998
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Forest Oaks
Here's how much it might cost to switch to solar power in Forest Oaks.
While the national average of solar panels is $2.66 per watt, solar panels in Forest Oaks generally cost around 2.54. Because a 7.0-kW system is needed to cover the energy costs of a typical home in Forest Oaks, the average price of going solar will be about $12,393 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Forest Oaks homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the large initial cost, the average Forest Oaks homeowner can save around $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Forest Oaks
| Year | Return on Investment |
|---|---|
| 1 years | $-11,217 |
| 3 years | $-8,866 |
| 5 years | $-6,515 |
| 7 years | $-4,163 |
| 9 years | $-1,812 |
| 11 years | $539 |
| 13 years | $2,890 |
| 15 years | $5,241 |
| 17 years | $7,593 |
| 19 years | $9,944 |
| 21 years | $12,295 |
| 23 years | $14,646 |
| 25 years | $16,998 |
Top Solar Installers in Forest Oaks
When switching to solar energy, many homeowners decide to use a solar installation company since putting up a solar system yourself can be a challenging project. The expertise that solar companies provide can be valuable as well, especially if you aren't sure what type of solar equipment would be right for your home.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Oaks
Factors that Affect Solar Panel Costs in Forest Oaks
Even though the average cost of a solar system in Forest Oaks is $12,393, your actual cost may differ. 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 keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,540 per kilowatt in Forest Oaks. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Forest Oaks, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $14,201 | 11.0 years |
| 8 kW | $2.59 | $14,508 | $19,219 | 10.8 years |
| 10 kW | $2.54 | $17,780 | $24,379 | 10.5 years |
| 12 kW | $2.49 | $20,909 | $29,682 | 10.3 years |
| 14 kW | $2.44 | $23,896 | $35,127 | 10.1 years |
| 16 kW | $2.39 | $26,741 | $40,714 | 9.9 years |
| 18 kW | $2.34 | $29,444 | $46,443 | 9.7 years |
| 20 kW | $2.29 | $32,004 | $52,315 | 9.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar energy, it's crucial to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
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 Oaks, NC Solar Cost FAQs
What is the average cost of installing solar panels in Forest Oaks?
The average cost of solar panels in Forest Oaks 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 type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Forest Oaks?
You can't get solar panels for free in Forest Oaks. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.