Solar Panel Cost Guide in Hamlet, NC (Mar 2023)
- Hamlet Solar Installation Cost: $12,144
- 25-Year Savings: $20,995
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hamlet
Find out how much it might cost to make the switch to solar in Hamlet.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamlet, the average cost of solar panels is 2.54 per watt. The average solar panel system size in Hamlet is around 6.8 kilowatts, meaning a cost of about $12,144 for a solar installation, or $17,366 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Hamlet find investing in solar has a decent ROI.
To get a free quote from a highly rated solar installation company in Hamlet, you can click the button below.
Solar savings over time in Hamlet
| Year | Return on Investment |
|---|---|
| 1 years | $-10,818 |
| 3 years | $-8,167 |
| 5 years | $-5,516 |
| 7 years | $-2,865 |
| 9 years | $-214 |
| 11 years | $2,437 |
| 13 years | $5,088 |
| 15 years | $7,739 |
| 17 years | $10,390 |
| 19 years | $13,042 |
| 21 years | $15,693 |
| 23 years | $18,344 |
| 25 years | $20,995 |
Top Solar Installers in Hamlet
Although you can install solar panels on your own, it requires extra time and know-how. That's why the majority of homeowners choose a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company can help your solar project go smoothly. 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 Hamlet
Factors that Affect Solar Panel Costs in Hamlet
There are several criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Hamlet. The kind of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route 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. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you select will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Hamlet have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $18,010 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,298 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $30,729 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $37,301 | 9.0 years |
| 14 kW | $2.44 | $23,896 | $44,016 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $50,873 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $57,872 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,013 | 8.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Hamlet, NC Solar Cost FAQs
How much does it cost to install solar panels in Hamlet?
This is a hard question to answer precisely, because the cost depends on a few different 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hamlet is currently $76,300, which means you can look forward to a value of about $3,128 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hamlet is a fruitful investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.