Solar Panel Cost Guide in Gibsonville, NC (Mar 2023)
- Gibsonville Solar Installation Cost: $12,393
- 25-Year Savings: $19,944
- Payback Period: 9.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Gibsonville
Let's have a look at the average cost of solar panels in Gibsonville.
In Gibsonville, solar panels cost about 2.54 per watt on average. The average Gibsonville homeowner needs a 7.0-kilowatt system, which would cost about $12,393 with the federal tax credit, or $17,722 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Gibsonville see about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Gibsonville for a quote for your home.
Solar savings over time in Gibsonville
| Year | Return on Investment |
|---|---|
| 1 years | $-11,099 |
| 3 years | $-8,512 |
| 5 years | $-5,925 |
| 7 years | $-3,338 |
| 9 years | $-752 |
| 11 years | $1,835 |
| 13 years | $4,422 |
| 15 years | $7,009 |
| 17 years | $9,596 |
| 19 years | $12,183 |
| 21 years | $14,770 |
| 23 years | $17,357 |
| 25 years | $19,944 |
Top Solar Installers in Gibsonville
When switching to solar energy, many homeowners prefer to go with a solar installation company since installing a solar system yourself can be a challenging project. Some solar installers, particularly local ones, can help you take advantage of incentives in Gibsonville, thereby optimizing your ROI.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Gibsonville
Factors that Affect Solar Panel Costs in Gibsonville
The cost of installing a solar system in Gibsonville can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,540. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make going solar more accessible for Gibsonville homeowners, they can also increase 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 avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Gibsonville, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Gibsonville have more knowledge about local solar incentives and can help you learn about 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 | $2.64 | $11,095 | $16,755 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,625 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,637 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,791 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $41,087 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,526 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $54,107 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,830 | 8.6 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although 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 be sure to take a look at their list of options before deciding.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part 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 Gibsonville, NC Solar Cost FAQs
What is the average cost of installing solar panels in Gibsonville?
This is a difficult question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Gibsonville?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.