Solar Panel Cost Guide in Hamlet, NC (2024 Update)
- Hamlet Solar Installation Cost: $16,785
- 25-Year Savings: $20,992
- Payback Period: 12.7 Years
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Average Cost of Solar Panels in Hamlet
Let’s have a look at the average cost of solar panels in Hamlet.
While the national average of solar panels is $2.66 per watt, solar panels in Hamlet generally cost about 4.To cover the typical energy usage of the average home in Hamlet, most homeowners require a 6.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $16,785, or $24,003 before the federal solar tax credit of 0 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 a few factors, such as how many panels you need, your energy usage and what company you go with.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Hamlet can save about $18,000 on their energy bills over 20 years.
To get a free estimate from a vetted solar installation company in Hamlet, you can click the button below.
Solar savings over time in Hamlet
| Year | Return on Investment |
|---|---|
| 1 years | $-15,314 |
| 3 years | $-12,371 |
| 5 years | $-9,429 |
| 7 years | $-6,487 |
| 9 years | $-3,545 |
| 11 years | $-603 |
| 13 years | $2,339 |
| 15 years | $5,282 |
| 17 years | $8,224 |
| 19 years | $11,166 |
| 21 years | $14,108 |
| 23 years | $17,050 |
| 25 years | $19,993 |
Top Solar Installers in Hamlet
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of an installer can make swapping over to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hamlet
Factors that Affect Solar Panel Costs in Hamlet
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Hamlet: 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 household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,510. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Hamlet average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular route because they lower your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can influence how much you pay. Hamlet’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $13,773 | 13.2 years |
| 8 kW | $3.58 | $20,049 | $18,758 | 12.9 years |
| 10 kW | $3.51 | $24,570 | $23,939 | 12.7 years |
| 12 kW | $3.44 | $28,894 | $29,316 | 12.4 years |
| 14 kW | $3.37 | $33,022 | $34,890 | 12.2 years |
| 16 kW | $3.30 | $36,953 | $40,661 | 11.9 years |
| 18 kW | $3.23 | $40,688 | $46,628 | 11.6 years |
| 20 kW | $3.16 | $44,226 | $52,791 | 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 choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: When making the switch to solar power, it’s essential to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Contract: It’s important to read through your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Hamlet, NC Solar Cost FAQs
How much does it cost to install solar panels in Hamlet?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $970.17 per year.
How long do solar panels last in Hamlet?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.