Solar Panel Cost Guide in Hope Mills, NC (2023 Update)
- Hope Mills Solar Installation Cost: $12,267
- 25-Year Savings: $20,812
- Payback Period: 9.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hope Mills
Find out how much it might cost to switch to solar power in Hope Mills.
In Hope Mills, solar panels cost about 2.54 per watt on average. The average Hope Mills homeowner needs a 6.9-kilowatt system, which would cost about $12,268 with the federal tax credit, or $17,543 before the 30% tax credit is applied.
The true cost of your system can be above or below the average in Hope Mills depending on several factors, such as the kind of solar panels you choose and the solar company you hire. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Hope Mills find investing in solar can be quite rewarding.
You can click the button below to get connected with a pre-vetted solar installer in Hope Mills for a quote for your home.
Solar savings over time in Hope Mills
| Year | Return on Investment |
|---|---|
| 1 years | $-12,157 |
| 3 years | $-11,936 |
| 5 years | $-11,716 |
| 7 years | $-11,495 |
| 9 years | $-11,275 |
| 11 years | $-11,054 |
| 13 years | $-10,834 |
| 15 years | $-10,613 |
| 17 years | $-10,393 |
| 19 years | $-10,172 |
| 21 years | $-9,952 |
| 23 years | $-9,731 |
| 25 years | $-9,510 |
Top Solar Installers in Hope Mills
Installing solar panels on your own can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. Plus, if you're not certain what kind of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
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 Hope Mills:
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 Hope Mills
Factors that Affect Solar Panel Costs in Hope Mills
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Hope Mills: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $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 cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Hope Mills provide solar loans, which reduce your upfront costs of installing solar panels. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $17,672 | 9.6 years |
| 8 kW | $2.59 | $14,508 | $23,848 | 9.5 years |
| 10 kW | $2.54 | $17,780 | $30,165 | 9.3 years |
| 12 kW | $2.49 | $20,909 | $36,625 | 9.1 years |
| 14 kW | $2.44 | $23,896 | $43,227 | 8.9 years |
| 16 kW | $2.39 | $26,741 | $49,971 | 8.7 years |
| 18 kW | $2.34 | $29,444 | $56,857 | 8.5 years |
| 20 kW | $2.29 | $32,004 | $63,886 | 8.3 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:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Installation Process: When making the switch to solar power, it's essential to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the completion timeline.
- Contract: Before you sign a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Hope Mills, NC Solar Cost FAQs
What is the average cost of installing solar panels in Hope Mills?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Hope Mills?
A solar panel system isn't free in Hope Mills, 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 help lower the cost.
How will solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hope Mills is currently $138,709, which means you can look forward to a value of about $5,687 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hope Mills is a fruitful investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.