Solar Panel Cost Guide in Hope Mills, NC (2024 Update)
- Hope Mills Solar Installation Cost: $16,952
- 25-Year Savings: $20,812
- Payback Period: 12.8 Years
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Average Cost of Solar Panels in Hope Mills
Find out what the average cost of solar panel installation is in Hope Mills.
In Hope Mills, solar panels cost about 4 per watt on average.The average solar panel system size in Hope Mills is around 6.9 kilowatts, meaning a cost of about $16,952 for a solar installation, or $24,241 before the 0 federal solar tax credit is applied.
These figures are just averages, and your own solar costs will look different based on your specific situation and what company you go with.Even with the significant upfront cost, the average Hope Mills homeowner can save about $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hope Mills
| Year | Return on Investment |
|---|---|
| 1 years | $-15,481 |
| 3 years | $-12,539 |
| 5 years | $-9,596 |
| 7 years | $-6,654 |
| 9 years | $-3,712 |
| 11 years | $-770 |
| 13 years | $2,172 |
| 15 years | $5,114 |
| 17 years | $8,057 |
| 19 years | $10,999 |
| 21 years | $13,941 |
| 23 years | $16,883 |
| 25 years | $19,825 |
Top Solar Installers in Hope Mills
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using an installer can make your swap to solar power much easier. Plus, if you’d like to maximize your investment in solar energy, using a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to start using solar energy but still aren’t certain which solar system installer to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Hope Mills: 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 system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,510. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Hope Mills, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.Although solar loans make adopting solar energy more accessible for Hope Mills homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a role in determining the cost. Hope Mills’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment 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 | $3.65 | $15,332 | $13,435 | 13.3 years |
| 8 kW | $3.58 | $20,049 | $18,307 | 13.1 years |
| 10 kW | $3.51 | $24,570 | $23,375 | 12.8 years |
| 12 kW | $3.44 | $28,894 | $28,640 | 12.6 years |
| 14 kW | $3.37 | $33,022 | $34,101 | 12.3 years |
| 16 kW | $3.30 | $36,953 | $39,759 | 12.0 years |
| 18 kW | $3.23 | $40,688 | $45,613 | 11.8 years |
| 20 kW | $3.16 | $44,226 | $51,664 | 11.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 few different factors. Broadly speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Hope Mills?
Solar panels aren’t free in Hope Mills, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Hope Mills?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.