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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Hope Mills

See how much it might cost to make the switch to solar in Hope Mills.

The average cost of a solar panel system in Hope Mills is $3 per watt. The average solar panel system size in Hope Mills is around 6.9 kilowatts, meaning a cost of about $12,268 for a solar installation, or $9,078 after the 30% federal solar tax credit is applied.

These figures are only estimates, and how much solar costs for you will differ based on factors unique to your home and what company you go with. Despite the significant upfront cost, the average Hope Mills homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the benefits of solar.

For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Hope Mills

Year Return on Investment
1 years $-10,945
3 years $-8,299
5 years $-5,652
7 years $-3,006
9 years $-360
11 years $2,287
13 years $4,933
15 years $7,580
17 years $10,226
19 years $12,872
21 years $15,519
23 years $18,165
25 years $20,811

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:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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

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.

Solar Equipment

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.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Hope Mills, NC Solar Cost FAQs

How much does it cost to install solar panels in Hope Mills?

The average cost of solar panels in Hope Mills is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.

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 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.

Do solar panels increase how much your home is worth?

Buying or financing solar panels for 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 exact figures will vary, but most experts agree that installing solar panels in Hope Mills is a worthwhile investment.

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 the amount of sunlight your roof gets. You can 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 get 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.

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