Solar Panel Cost Guide in Greensboro, NC (Mar 2023)
- Greensboro Solar Installation Cost: $12,393
- 25-Year Savings: $17,882
- Payback Period: 10.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Greensboro
We break down average solar pricing in Greensboro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greensboro, the typical cost of solar panels is 2.54 per watt. To account for the typical energy usage of the average home in Greensboro, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,393, or $17,722 before the federal solar tax credit of 30% is applied.
The true cost of your system can be above or below the average in Greensboro based on a few factors, such as the kind of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $17,000 over 20 years on energy bills.
To receive a free quote from a pre-vetted solar installation company in Greensboro, you can click the button below.
Solar savings over time in Greensboro
| Year | Return on Investment |
|---|---|
| 1 years | $-11,182 |
| 3 years | $-8,760 |
| 5 years | $-6,338 |
| 7 years | $-3,916 |
| 9 years | $-1,494 |
| 11 years | $928 |
| 13 years | $3,350 |
| 15 years | $5,772 |
| 17 years | $8,194 |
| 19 years | $10,616 |
| 21 years | $13,038 |
| 23 years | $15,460 |
| 25 years | $17,882 |
Top Solar Installers in Greensboro
Many homeowners decide to hire a solar panel installer since figuring out how to install solar panels yourself can be a lot of work. Plus, if you're unsure what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Greensboro
Factors that Affect Solar Panel Costs in Greensboro
There are a number of factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
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 let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Greensboro, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Greensboro have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $14,962 | 10.6 years |
| 8 kW | $2.59 | $14,508 | $20,234 | 10.4 years |
| 10 kW | $2.54 | $17,780 | $25,648 | 10.2 years |
| 12 kW | $2.49 | $20,909 | $31,204 | 10.0 years |
| 14 kW | $2.44 | $23,896 | $36,903 | 9.8 years |
| 16 kW | $2.39 | $26,741 | $42,744 | 9.6 years |
| 18 kW | $2.34 | $29,444 | $48,727 | 9.4 years |
| 20 kW | $2.29 | $32,004 | $54,852 | 9.2 years |
How to Save on Solar Panels
There are many companies available in Greensboro, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: When making the switch to solar power, it's necessary to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project timeline.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- 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 significant role in the company you go with.
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 Greensboro, NC Solar Cost FAQs
What is the average cost of installing solar panels in Greensboro?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Greensboro?
Leasing solar panels can be an option if you can't 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 financial benefits from going solar.
Can you sell solar power back to the grid in Greensboro?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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.