Solar Panel Cost Guide in Laurinburg, NC (2023 Update)
- Laurinburg Solar Installation Cost: $12,139
- 25-Year Savings: $21,605
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Laurinburg
Let's take a look at the average cost of solar panels in Laurinburg.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Laurinburg, the average cost of a solar system is 2.54 per watt. The average solar panel system size in Laurinburg is around 6.8 kilowatts, meaning a cost of about $12,144 for a solar installation, or $17,366 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what installation company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $19,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Laurinburg
| Year | Return on Investment |
|---|---|
| 1 years | $-10,668 |
| 3 years | $-7,725 |
| 5 years | $-4,783 |
| 7 years | $-1,841 |
| 9 years | $1,101 |
| 11 years | $4,043 |
| 13 years | $6,986 |
| 15 years | $9,928 |
| 17 years | $12,870 |
| 19 years | $15,812 |
| 21 years | $18,754 |
| 23 years | $21,696 |
| 25 years | $24,639 |
Top Solar Installers in Laurinburg
Many homeowners decide to use a solar installer since trying to put up solar panels on your own can be hard. The expertise that solar companies offer can be valuable as well, especially if you aren't sure what brand of solar equipment you need.
If you're on the hunt for a solar installer in Laurinburg, we've organized a list of our top suggestions here:
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 Laurinburg
Factors that Affect Solar Panel Costs in Laurinburg
There are several factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Laurinburg to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. However, the interest on solar loans also increases your overall costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Laurinburg, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater 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 promotion can bring their pricing lower to compete with bigger companies.
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 | $18,560 | 9.4 years |
| 8 kW | $2.59 | $14,508 | $25,032 | 9.2 years |
| 10 kW | $2.54 | $17,780 | $31,645 | 9.0 years |
| 12 kW | $2.49 | $20,909 | $38,401 | 8.8 years |
| 14 kW | $2.44 | $23,896 | $45,299 | 8.6 years |
| 16 kW | $2.39 | $26,741 | $52,339 | 8.5 years |
| 18 kW | $2.34 | $29,444 | $59,522 | 8.3 years |
| 20 kW | $2.29 | $32,004 | $66,847 | 8.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: The model of solar panel you want plays a part in which installer you should choose, since different companies have different panels.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
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 Laurinburg, NC Solar Cost FAQs
How much does it cost to install solar panels in Laurinburg?
This is a tough question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Laurinburg?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is making the switch to solar worth it?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Laurinburg?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.