Solar Panel Cost Guide in Glen Raven, NC (2024 Update)
- Glen Raven Solar Installation Cost: $17,105
- 25-Year Savings: $20,659
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Glen Raven
Let’s have a look at the average cost of solar in Glen Raven.
The national average cost of solar panels is $2.66 per watt, but in Glen Raven it’s 4 per watt.To account for the typical energy usage of the average home in Glen Raven, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $17,105, or $24,460 before the federal solar tax credit of 0 is applied.
How much you pay can be higher or lower than the average in Glen Raven depending on a variety of factors, such as the model of solar panels you choose and the solar installer you hire.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Glen Raven
| Year | Return on Investment |
|---|---|
| 1 years | $-15,708 |
| 3 years | $-12,915 |
| 5 years | $-10,122 |
| 7 years | $-7,329 |
| 9 years | $-4,536 |
| 11 years | $-1,742 |
| 13 years | $1,051 |
| 15 years | $3,844 |
| 17 years | $6,637 |
| 19 years | $9,431 |
| 21 years | $12,224 |
| 23 years | $15,017 |
| 25 years | $17,810 |
Top Solar Installers in Glen Raven
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make converting to solar power much easier. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Glen Raven
Factors that Affect Solar Panel Costs in Glen Raven
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Glen Raven: 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 cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,510.The type of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment goes beyond 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
Most solar installers in Glen Raven offer solar loans, which reduce your upfront costs of installing solar panels.Even though solar loans make adopting solar energy more accessible for Glen Raven homeowners, they can also add to 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
Lastly, the company you choose to install your solar panels can play a part in determining your pricing. Glen Raven’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk 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 down 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 | $3.65 | $15,332 | $13,141 | 13.5 years |
| 8 kW | $3.58 | $20,049 | $17,914 | 13.2 years |
| 10 kW | $3.51 | $24,570 | $22,884 | 12.9 years |
| 12 kW | $3.44 | $28,894 | $28,050 | 12.7 years |
| 14 kW | $3.37 | $33,022 | $33,413 | 12.4 years |
| 16 kW | $3.30 | $36,953 | $38,973 | 12.2 years |
| 18 kW | $3.23 | $40,688 | $44,729 | 11.9 years |
| 20 kW | $3.16 | $44,226 | $50,682 | 11.6 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Warranty: A high-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: Look through the contract terms closely to make sure you understand the total cost, completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar companies 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 hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Glen Raven, NC Solar Cost FAQs
How much does it cost to install solar panels in Glen Raven?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your property’s 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 solar panels."
How many solar panels should I get 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 get 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.