Solar Panel Cost Guide in Forest Oaks, NC (2024 Update)
- Forest Oaks Solar Installation Cost: $17,128
- 25-Year Savings: $16,996
- Payback Period: 14.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated February 03, 2024
Why you can trust EcoWatch
Average Cost of Solar Panels in Forest Oaks
Let’s have a look at the average cost of solar in Forest Oaks.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Forest Oaks, the typical cost of a solar system is 4 per watt.Since a 7.0-kW system is needed to cover the energy usage of a typical home in Forest Oaks, the average price of going solar will be about $17,128 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average energy use of Forest Oaks homeowners. The cost 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.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Forest Oaks can save about $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Forest Oaks that can help you get a more accurate cost estimate for your home.
Solar savings over time in Forest Oaks
Year | Return on Investment |
---|---|
1 years | $-15,806 |
3 years | $-13,162 |
5 years | $-10,518 |
7 years | $-7,873 |
9 years | $-5,229 |
11 years | $-2,585 |
13 years | $59 |
15 years | $2,704 |
17 years | $5,348 |
19 years | $7,992 |
21 years | $10,636 |
23 years | $13,281 |
25 years | $15,925 |
Top Solar Installers in Forest Oaks
Putting up solar panels by yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be best for your home.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
For many Forest Oaks homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Forest Oaks, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Forest Oaks, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by about $3,510 for each additional kilowatt you need.The brand of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about 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 solar panels in cash is out of reach, solar loans are an affordable option 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.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only 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 getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies in Forest Oaks, and each can charge different amounts for labor and equipment.Additionally, some companies in Forest Oaks know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $3.65 | $15,332 | $9,964 | 15.2 years |
8 kW | $3.58 | $20,049 | $13,678 | 14.9 years |
10 kW | $3.51 | $24,570 | $17,589 | 14.6 years |
12 kW | $3.44 | $28,894 | $21,697 | 14.3 years |
14 kW | $3.37 | $33,022 | $26,001 | 14.0 years |
16 kW | $3.30 | $36,953 | $30,502 | 13.7 years |
18 kW | $3.23 | $40,688 | $35,199 | 13.4 years |
20 kW | $3.16 | $44,226 | $40,093 | 13.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before you sign a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Forest Oaks?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.