Solar Panel Cost Guide in Lake Norman of Iredell, NC (2024 Update)
- Lake Norman of Iredell Solar Installation Cost: $16,954
- 25-Year Savings: $18,398
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Lake Norman of Iredell
Here’s how much it might cost to make the switch to solar in Lake Norman of Iredell.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Norman of Iredell, the average cost of a solar system is 4 per watt.To account for the typical energy usage of the average home in Lake Norman of Iredell, most homeowners require a 6.9-kilowatt system. Using the figure above, a solar installation costs about $16,954, or $24,244 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Lake Norman of Iredell homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $17,000 on energy bills over 20 years, many homeowners in Lake Norman of Iredell find going solar can be quite rewarding.
Click the button below to get connected to a highly rated solar company in your area for a customized estimate.
Solar savings over time in Lake Norman of Iredell
| Year | Return on Investment |
|---|---|
| 1 years | $-15,632 |
| 3 years | $-12,988 |
| 5 years | $-10,344 |
| 7 years | $-7,700 |
| 9 years | $-5,055 |
| 11 years | $-2,411 |
| 13 years | $233 |
| 15 years | $2,877 |
| 17 years | $5,522 |
| 19 years | $8,166 |
| 21 years | $10,810 |
| 23 years | $13,454 |
| 25 years | $16,099 |
Top Solar Installers in Lake Norman of Iredell
Although it's possible to install solar panels by yourself, it requires extra time and know-how. That's one of the reasons most homeowners choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
If you’d like to switch to solar energy but still aren’t sure which solar system company to go with, here are our suggestions for providers near you:
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 Lake Norman of Iredell
Factors that Affect Solar Panel Costs in Lake Norman of Iredell
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Lake Norman of Iredell: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $3,510 per kilowatt in Lake Norman of Iredell.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a 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 more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Lake Norman of Iredell, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer 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.The company’s size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $11,334 | 14.4 years |
| 8 kW | $3.58 | $20,049 | $15,505 | 14.1 years |
| 10 kW | $3.51 | $24,570 | $19,872 | 13.8 years |
| 12 kW | $3.44 | $28,894 | $24,436 | 13.5 years |
| 14 kW | $3.37 | $33,022 | $29,197 | 13.3 years |
| 16 kW | $3.30 | $36,953 | $34,154 | 13.0 years |
| 18 kW | $3.23 | $40,688 | $39,308 | 12.7 years |
| 20 kW | $3.16 | $44,226 | $44,659 | 12.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
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 Lake Norman of Iredell, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lake Norman of Iredell?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally 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 higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lake Norman of Iredell?
You can’t get solar panels for free in Lake Norman of Iredell. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $888.85 per year.
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 how much 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 install 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.