Solar Panel Cost Guide in Hickory, NC (Sep 2022)
- Hickory Solar Installation Cost: $12,322
- 25-Year Savings: $20,270
- Payback Period: 9.5 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Hickory
See how much it might cost to make the switch to solar in Hickory.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hickory, the typical cost of a solar system is $3 per watt. To account for the typical energy needs of the average home in Hickory, most homeowners require a 6.9-kilowatt system. Using the figure above, a solar installation costs around $12,322, or $9,118 after the federal solar tax credit of 30% is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on the amount of energy your home requires and what company you want to go with. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hickory
| Year | Return on Investment |
|---|---|
| 1 years | $-11,018 |
| 3 years | $-8,411 |
| 5 years | $-5,803 |
| 7 years | $-3,196 |
| 9 years | $-589 |
| 11 years | $2,019 |
| 13 years | $4,626 |
| 15 years | $7,234 |
| 17 years | $9,841 |
| 19 years | $12,448 |
| 21 years | $15,056 |
| 23 years | $17,663 |
| 25 years | $20,270 |
Top Solar Installers in Hickory
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be time-consuming. The expertise that solar installers provide can be invaluable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
If you'd like to start using solar energy but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 Hickory
Factors that Affect Solar Panel Costs in Hickory
There are several criteria 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 installs your solar panels.
Solar Equipment Size
One of the most significant 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 uses, the larger your system will likely need to be. You can expect to pay about $2,540 per kilowatt in Hickory. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Hickory average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Hickory, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Hickory, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $17,120 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,111 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,245 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $35,520 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,938 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,499 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,201 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $62,046 | 8.5 years |
Solar Incentives in Hickory
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Duke Energy - NC Solar Rebate Program |
| Incentive Amount | Residential: $0.60/W-AC Nonresidential: $0.50/W-AC Nonprofit: $0.75/W-AC |
| Incentive Max | Residential: $6,000 Nonresidential: $50,000 Nonprofit: $75,000 |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Financing Program for Renewable Energy and Energy Efficiency |
| More Info | Click here |
| Name | PSNC Energy (Gas) - Green Building Rate Discount |
| Incentive Amount | discount/therm based on seasonal values |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Abatement for Solar Electric Systems |
| Incentive Amount | Residential systems: 100% of the appraised value All other systems: 80% of the appraised value |
| More Info | Click here |
| Name | Local Option - Green Building Incentives |
| More Info | Click here |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
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 Hickory, NC Solar Cost FAQs
What is the average cost of installing solar panels in Hickory?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a very important 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 consider are the quality and durability of your solar panels.
How much can I save on energy bills after installing solar panels?
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 $940.50 per year.
How long do solar panels last in Hickory?
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 how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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.
