Solar Panel Cost Guide in Hope Mills, NC (2025 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.
The national average cost of solar panels is $2.66 per watt, but in Hope Mills it’s 4 per watt.Because a 6.9-kW system is needed to cover the energy consumption of a typical home in Hope Mills, the average price of going solar will be about $16,952 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar installer in your area for a custom estimate.
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
Trying to install solar panels on your own can be a dangerous task, which is why hiring a solar installer is a good option for many homeowners. Plus, if you’d like to maximize your investment in solar power, going with 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.
Working with a professional 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
While the average cost of a solar system in Hope Mills is $16,952, your final cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar system in Hope Mills, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $3,510 for each additional kilowatt you need.The kind of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hope Mills to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.However, the interest on solar loans also adds to your overall costs, so it’s important to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Hope Mills is the company you get to install your solar system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services for different budgets.Larger national companies typically have lower costs, but some local companies compete with them by promoting 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 | $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
There are many companies to choose from in Hope Mills, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: If you care about the durability of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the project timeline.
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 $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Hope Mills?
You can’t get solar panels for free in Hope Mills. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Hope Mills?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.