Solar Panel Cost Guide in Hampstead, NC (2023 Update)
- Hampstead Solar Installation Cost: $11,974
- 25-Year Savings: $20,784
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hampstead
Find out what the average cost of installing solar panels is in Hampstead.
The average cost of a solar panel system in Hampstead is 2.54 per watt. The average solar panel system size in Hampstead is around 6.7 kilowatts, meaning a cost of about $11,966 for a solar installation, or $17,111 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary depending on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. Even with the large initial cost, the average Hampstead homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a vetted solar panel company in your area for a personalized quote.
Solar savings over time in Hampstead
| Year | Return on Investment |
|---|---|
| 1 years | $-11,864 |
| 3 years | $-11,646 |
| 5 years | $-11,428 |
| 7 years | $-11,209 |
| 9 years | $-10,991 |
| 11 years | $-10,772 |
| 13 years | $-10,554 |
| 15 years | $-10,336 |
| 17 years | $-10,117 |
| 19 years | $-9,899 |
| 21 years | $-9,681 |
| 23 years | $-9,462 |
| 25 years | $-9,244 |
Top Solar Installers in Hampstead
Putting up solar panels yourself can be a stressful task, which is why using a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are a number of 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
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 Hampstead
Factors that Affect Solar Panel Costs in Hampstead
Even though the average cost of a solar system in Hampstead is $11,966, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
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 energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Hampstead. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. 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're only able to 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 get to install your solar panels can affect your pricing. Hampstead's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you're looking for and also fits within your budget.
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 | $18,091 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,405 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $30,862 | 9.1 years |
| 12 kW | $2.49 | $20,909 | $37,462 | 9.0 years |
| 14 kW | $2.44 | $23,896 | $44,203 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $51,087 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $58,113 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,281 | 8.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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 Hampstead, NC Solar Cost FAQs
How much does it cost to install solar panels in Hampstead?
The average cost of solar panels in Hampstead is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Hampstead?
Solar panels aren't free in Hampstead, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $972.85 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 install 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.