Solar Panel Cost Guide in Hope Mills, NC (Feb 2023)
- Hope Mills Solar Installation Cost: $12,268
- 25-Year Savings: $20,811
- Payback Period: 9.3 Years
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Top Solar Installers in Hope Mills
Trying to install solar panels by yourself can be a stressful task, which is why hiring a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your family.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Hope Mills
Factors that Affect Solar Panel Costs in Hope Mills
For many Hope Mills homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Hope Mills, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Hope Mills. The kind of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment is 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's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hope Mills to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can affect how much you pay. Hope Mills' solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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||$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
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Contract: Although 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.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
EcoWatch's Hope Mills, NC Solar Cost FAQs
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.