Solar Panel Cost Guide in Lenoir, NC (2023 Update)
- Lenoir Solar Installation Cost: $12,428
- 25-Year Savings: $20,498
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lenoir
We break down average solar pricing in Lenoir.
Although the national average of solar panels is $2.66 per watt, solar panels in Lenoir generally cost about 2.54. Using this figure, a typical 7.0-kW system would cost about $12,428 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will look different based on the amount of energy your home requires and what company you go with. With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Lenoir find installing solar panels can pay off big.
Click the button below to get connected to a reputable solar panel company in Lenoir for a customized quote.
Solar savings over time in Lenoir
| Year | Return on Investment |
|---|---|
| 1 years | $-11,111 |
| 3 years | $-8,477 |
| 5 years | $-5,843 |
| 7 years | $-3,209 |
| 9 years | $-575 |
| 11 years | $2,059 |
| 13 years | $4,693 |
| 15 years | $7,327 |
| 17 years | $9,961 |
| 19 years | $12,596 |
| 21 years | $15,230 |
| 23 years | $17,864 |
| 25 years | $20,498 |
Top Solar Installers in Lenoir
Although you can install solar panels yourself, it requires extra energy and know-how. For that reason, almost all homeowners choose to hire a solar panel installer. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some 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 Lenoir
Factors that Affect Solar Panel Costs in Lenoir
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Lenoir: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Lenoir, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $2,540 for each additional kilowatt you need. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Lenoir average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lenoir to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. However, the interest on solar loans also adds to your overall costs, so it's vital to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Lenoir is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have 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 | $2.64 | $11,095 | $17,158 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,162 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,308 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,597 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $42,027 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,600 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,315 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $62,173 | 8.5 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Although 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.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
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 Lenoir, NC Solar Cost FAQs
How much does it cost to install solar panels in Lenoir?
The average cost of solar panels in Lenoir is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Lenoir?
You can't get solar panels for free in Lenoir. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Lenoir?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Lenoir?
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.