Solar Panel Cost Guide in Lake Norman Of Iredell, NC (2023 Update)
- Lake Norman Of Iredell Solar Installation Cost: $12,268
- 25-Year Savings: $18,399
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake Norman Of Iredell
We break down average solar pricing in Lake Norman Of Iredell.
The average cost of solar panels in Lake Norman Of Iredell is 2.54 per watt. Since a 6.9-kW system is needed to cover the energy needs of a typical home in Lake Norman Of Iredell, the average price of going solar will be about $12,268 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Lake Norman Of Iredell homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find installing a solar system is a solid investment. The average homeowner in Lake Norman Of Iredell can save around $17,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Lake Norman Of Iredell for a custom estimate.
Solar savings over time in Lake Norman Of Iredell
| Year | Return on Investment |
|---|---|
| 1 years | $-11,041 |
| 3 years | $-8,588 |
| 5 years | $-6,135 |
| 7 years | $-3,681 |
| 9 years | $-1,228 |
| 11 years | $1,226 |
| 13 years | $3,679 |
| 15 years | $6,132 |
| 17 years | $8,586 |
| 19 years | $11,039 |
| 21 years | $13,493 |
| 23 years | $15,946 |
| 25 years | $18,399 |
Top Solar Installers in Lake Norman Of Iredell
Although it's possible to install solar panels yourself, it takes extra effort and know-how. Because of that, most homeowners choose a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to start using solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers nearby:
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
For many Lake Norman Of Iredell homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Lake Norman Of Iredell, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy 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 $2,540. The type of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Lake Norman Of Iredell, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lake Norman Of Iredell, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Lake Norman Of Iredell are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $15,571 | 10.4 years |
| 8 kW | $2.59 | $14,508 | $21,045 | 10.2 years |
| 10 kW | $2.54 | $17,780 | $26,662 | 10.0 years |
| 12 kW | $2.49 | $20,909 | $32,422 | 9.8 years |
| 14 kW | $2.44 | $23,896 | $38,323 | 9.6 years |
| 16 kW | $2.39 | $26,741 | $44,367 | 9.4 years |
| 18 kW | $2.34 | $29,444 | $50,553 | 9.2 years |
| 20 kW | $2.29 | $32,004 | $56,881 | 9.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- 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 how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
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 tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Lake Norman Of Iredell?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Lake Norman Of Iredell?
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 higher 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.