Solar Panel Cost Guide in Forest Oaks, NC (2023 Update)
- Forest Oaks Solar Installation Cost: $12,395
- 25-Year Savings: $16,996
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Forest Oaks
Find out what the average cost of solar panel installation is in Forest Oaks.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Forest Oaks, the average cost of a solar system is 2.54 per watt. Using this figure, a typical 7.0-kW system would cost about $12,393 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Forest Oaks based on several factors, such as the model of solar panels you choose and the solar company you hire. But, once you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on power bills.
Click the button below to get connected to a reputable solar company in your area for a custom quote.
Solar savings over time in Forest Oaks
| Year | Return on Investment |
|---|---|
| 1 years | $-11,073 |
| 3 years | $-8,428 |
| 5 years | $-5,784 |
| 7 years | $-3,140 |
| 9 years | $-496 |
| 11 years | $2,149 |
| 13 years | $4,793 |
| 15 years | $7,437 |
| 17 years | $10,081 |
| 19 years | $12,726 |
| 21 years | $15,370 |
| 23 years | $18,014 |
| 25 years | $20,658 |
Top Solar Installers in Forest Oaks
Although you can install solar panels by yourself, it requires extra time and handiness. For that reason, most people choose to go with a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for you.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers in Forest Oaks:
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 Forest Oaks
Factors that Affect Solar Panel Costs in Forest Oaks
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Forest Oaks: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,540. The kind of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, 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
Many homeowners find the average cost of solar in Forest Oaks to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. Though solar loans make switching to solar energy more accessible for Forest Oaks homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Forest Oaks is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that offer a range of services at different price points. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion 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 numerous companies to choose from in Forest Oaks, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
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 Forest Oaks, NC Solar Cost FAQs
How much does it cost to install 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 real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Forest Oaks?
You can't get solar panels for free in Forest Oaks. However, you may still be able to install 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.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.