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.
The national average cost of solar panels is $2.66 per watt, but in Lake Norman of Iredell it’s 4 per watt.The average solar panel system size in Lake Norman of Iredell is around 6.9 kilowatts, meaning a cost of about $16,954 for a solar installation, or $24,244 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of solar system you choose, your solar contractor and more.Despite the high upfront cost, the average Lake Norman of Iredell homeowner can save about $17,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a highly rated solar panel company in Lake Norman of Iredell 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
When switching to solar energy, many homeowners prefer to use a solar installation company since handling can be a difficult project. Solar companies offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a professional solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lake Norman of Iredell
Factors that Affect Solar Panel Costs in Lake Norman of Iredell
The cost of installing a solar system in Lake Norman of Iredell can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important 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 power 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 kind of equipment you get 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 come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Norman of Iredell to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Lake Norman of Iredell, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 many 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for 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 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.
How much can I save on energy bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lake Norman of Iredell, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.