Solar Panel Cost Guide in Gibsonville, NC (2023 Update)
- Gibsonville Solar Installation Cost: $12,386
- 25-Year Savings: $19,950
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Gibsonville
Find out what the average cost of installing solar panels is 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.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you want to get, your solar contractor and more. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Gibsonville can save about $18,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a custom estimate.
Solar savings over time in Gibsonville
| Year | Return on Investment |
|---|---|
| 1 years | $-12,279 |
| 3 years | $-12,063 |
| 5 years | $-11,847 |
| 7 years | $-11,632 |
| 9 years | $-11,416 |
| 11 years | $-11,201 |
| 13 years | $-10,985 |
| 15 years | $-10,770 |
| 17 years | $-10,554 |
| 19 years | $-10,338 |
| 21 years | $-10,123 |
| 23 years | $-9,907 |
| 25 years | $-9,692 |
Top Solar Installers in Gibsonville
Putting up solar panels by yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Some solar companies, particularly local ones, can help you take advantage of incentives in Gibsonville, therefore 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
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
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Gibsonville: 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 home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,540. The kind of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on 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's in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Gibsonville, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have 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 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 | $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
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: Solar companies that have great reviews from their customers and that have been in business for many years most likely offer good-quality solar panel installation and expertise.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
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 Gibsonville, NC Solar Cost FAQs
What is the average cost of installing solar panels in Gibsonville?
The average cost of solar panels in Gibsonville 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.
Should I lease or buy solar panels in Gibsonville?
Leasing solar panels can be an appealing choice, as it often 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your home value considerably 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 many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.