Solar Panel Cost Guide in Hillsborough, NC (2023 Update)
- Hillsborough Solar Installation Cost: $12,393
- 25-Year Savings: $21,417
- Payback Period: 9.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hillsborough
Find out what the average cost of installing solar panels is in Hillsborough.
The average cost of a solar system in Hillsborough is 2.54 per watt. Using this figure, a typical 7.0-kW system would cost about $12,393 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 panel system could cost. The actual cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. Despite the high initial cost, the average Hillsborough homeowner can save around $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a pre-vetted solar company in Hillsborough, you can click the button below.
Solar savings over time in Hillsborough
| Year | Return on Investment |
|---|---|
| 1 years | $-11,040 |
| 3 years | $-8,336 |
| 5 years | $-5,631 |
| 7 years | $-2,926 |
| 9 years | $-221 |
| 11 years | $2,484 |
| 13 years | $5,188 |
| 15 years | $7,893 |
| 17 years | $10,598 |
| 19 years | $13,303 |
| 21 years | $16,007 |
| 23 years | $18,712 |
| 25 years | $21,417 |
Top Solar Installers in Hillsborough
Many homeowners choose to use a solar installer since trying to install solar panels on your own can be a lot of work. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Hillsborough:
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 Hillsborough
Factors that Affect Solar Panel Costs in Hillsborough
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Hillsborough: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Hillsborough to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. While solar loans make switching to solar energy more accessible for Hillsborough homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a role in determining your pricing. Hillsborough's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $18,005 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,292 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $30,720 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $37,291 | 9.0 years |
| 14 kW | $2.44 | $23,896 | $44,004 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $50,859 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $57,857 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $64,997 | 8.2 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand 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 making your decision.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Well-established companies 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 quality aftercare and customer service, such as part repairs and replacements.
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 Hillsborough, NC Solar Cost FAQs
What is the average cost of installing solar panels in Hillsborough?
The average cost of solar panels in Hillsborough is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump 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?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.