Solar Panel Cost Guide in Graham, NC (2024 Update)
- Graham Solar Installation Cost: $17,105
- 25-Year Savings: $21,462
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Graham
Let’s take a look at the average cost of solar panels in Graham.
In Graham, solar panels cost about 4 per watt on average.The average Graham homeowner needs a 7.0-kilowatt system, which would cost about $17,105 with the federal tax credit, or $24,460 before the 0 tax credit is applied.
These figures are only estimates, and how much solar costs for you will vary based on your energy needs and what company you go with.With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Graham find investing in solar can pay off big.
You can click the button below to get connected with a top solar company in Graham for a quote for your home.
Solar savings over time in Graham
| Year | Return on Investment |
|---|---|
| 1 years | $-15,733 |
| 3 years | $-12,990 |
| 5 years | $-10,246 |
| 7 years | $-7,503 |
| 9 years | $-4,759 |
| 11 years | $-2,015 |
| 13 years | $728 |
| 15 years | $3,472 |
| 17 years | $6,215 |
| 19 years | $8,959 |
| 21 years | $11,702 |
| 23 years | $14,446 |
| 25 years | $17,189 |
Top Solar Installers in Graham
Although it's possible to install solar panels on your own, it takes extra time and know-how. For that reason, most homeowners choose to hire a solar panel installer. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are several licensed solar professionals that can help you install your solar system. 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 Graham
Factors that Affect Solar Panel Costs in Graham
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 Graham: 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 system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,510. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Graham, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Graham to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of 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 discount can bring their pricing down to compete with bigger companies.
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 | $13,833 | 13.1 years |
| 8 kW | $3.58 | $20,049 | $18,838 | 12.9 years |
| 10 kW | $3.51 | $24,570 | $24,039 | 12.6 years |
| 12 kW | $3.44 | $28,894 | $29,436 | 12.4 years |
| 14 kW | $3.37 | $33,022 | $35,030 | 12.1 years |
| 16 kW | $3.30 | $36,953 | $40,820 | 11.9 years |
| 18 kW | $3.23 | $40,688 | $46,808 | 11.6 years |
| 20 kW | $3.16 | $44,226 | $52,991 | 11.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- 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.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Graham, NC Solar Cost FAQs
What is the average cost of installing solar panels in Graham?
The average cost of solar panels in Graham 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 model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Graham?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase the value of your home?
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."
How long do solar panels last in Graham?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.