Solar Panel Cost Guide in Holly Springs, NC (Sep 2022)
- Holly Springs Solar Installation Cost: $12,428
- 25-Year Savings: $17,340
- Payback Period: 10.4 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Holly Springs
Here's how much it might cost to make the switch to solar in Holly Springs.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Holly Springs, the typical cost of solar panels is $3 per watt. To account for the typical energy usage of the average home in Holly Springs, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,428, or $9,197 after the federal solar tax credit of 30% is applied.
These figures are only averages, and how much solar costs for you may differ based on the amount of energy your home requires and what company you go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on energy bills.
To receive a free estimate from a highly rated solar installer in Holly Springs, you can click the button below.
Solar savings over time in Holly Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-11,237 |
| 3 years | $-8,856 |
| 5 years | $-6,475 |
| 7 years | $-4,093 |
| 9 years | $-1,712 |
| 11 years | $670 |
| 13 years | $3,051 |
| 15 years | $5,433 |
| 17 years | $7,814 |
| 19 years | $10,196 |
| 21 years | $12,577 |
| 23 years | $14,959 |
| 25 years | $17,340 |
Top Solar Installers in Holly Springs
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your switch to solar power much easier. Companies can also have access to various kinds of the best solar panels and help you pick which one will be best for your family.
If you're on the hunt for a solar company in Holly Springs, the EcoWatch team has organized a list of our top suggestions here:
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 Holly Springs
Factors that Affect Solar Panel Costs in Holly Springs
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment Size
System size is one of the largest factors that affects the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. 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 opt for 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 over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Holly Springs average.
Solar Financing Terms
Most solar installers in Holly Springs offer solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a part in determining your pricing. Holly Springs' solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $14,445 | 10.9 years |
| 8 kW | $2.59 | $14,508 | $19,544 | 10.7 years |
| 10 kW | $2.54 | $17,780 | $24,785 | 10.4 years |
| 12 kW | $2.49 | $20,909 | $30,169 | 10.2 years |
| 14 kW | $2.44 | $23,896 | $35,695 | 10.0 years |
| 16 kW | $2.39 | $26,741 | $41,364 | 9.8 years |
| 18 kW | $2.34 | $29,444 | $47,174 | 9.6 years |
| 20 kW | $2.29 | $32,004 | $53,127 | 9.4 years |
Solar Incentives in Holly Springs
| Name | Duke Energy - NC Solar Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Abatement for Solar Electric Systems |
| More Info | Click here |
| Name | Active Solar Heating and Cooling Systems Exemption |
| More Info | Click here |
| Name | Duke Energy Progress - Residential Energy Efficiency Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | EnergyUnited (Electric) Residential Energy Efficiency Program |
| Website | Visit here |
| More Info | Click here |
| Name | NC GreenPower Production Incentive |
| Website | Visit here |
| More Info | Click here |
| Name | Local Option - Financing Program for Renewable Energy and Energy Efficiency |
| Incentive Amount | |
| More Info | Click here |
| Name | Local Option - Green Building Incentives |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
Since the brand of solar panels and the installer 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:
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project completion timeline.
- Reputation: Companies that have been operating 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 quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
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 Holly Springs, NC Solar Cost FAQs
How much does it cost to install solar panels in Holly Springs?
This is a difficult question to answer precisely, because the cost depends on many 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration 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 why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Holly Springs?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.
