Solar Panel Cost Guide in Hillsborough, NC (2023 Update)
- Hillsborough Solar Installation Cost: $12,394
- 25-Year Savings: $21,415
- Payback Period: 9.2 Years
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Updated September 15, 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.
While the national average of solar panels is $2.66 per watt, solar panels in Hillsborough typically cost around 2.54. The average solar panel system size in Hillsborough is around 7.0 kilowatts, meaning a cost of about $12,393 for a solar installation, or $17,722 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs may differ based on your energy needs and what company you choose to go with. For most homeowners, the upfront cost of solar panels is worth paying. On average Hillsborough homeowners see about $18,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar company in your area for a custom estimate.
Solar savings over time in Hillsborough
| Year | Return on Investment |
|---|---|
| 1 years | $-11,072 |
| 3 years | $-8,428 |
| 5 years | $-5,784 |
| 7 years | $-3,139 |
| 9 years | $-495 |
| 11 years | $2,149 |
| 13 years | $4,793 |
| 15 years | $7,438 |
| 17 years | $10,082 |
| 19 years | $12,726 |
| 21 years | $15,370 |
| 23 years | $18,014 |
| 25 years | $20,659 |
Top Solar Installers in Hillsborough
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be a lot of work. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your home.
You can work with a local solar installer to get a free quote on the cost of solar panels 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
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 usually one of the most important factors for homeowners 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 discuss 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 around $2,540. The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, 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
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Hillsborough, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Hillsborough, and each can charge varying amounts for labor and equipment. Larger national companies generally 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 additional 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 | $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
There are a lot of companies to choose from in Hillsborough, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which type 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 peruse their list of offerings before making your decision.
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 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 things such as the type of solar panels you want, what size system you need and how much energy you consume.
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.