Solar Panel Cost Guide in Lillington, NC (Mar 2023)
- Lillington Solar Installation Cost: $12,357
- 25-Year Savings: $21,927
- Payback Period: 9.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lillington
We break down average solar pricing in Lillington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lillington, the typical cost of a solar system is 2.54 per watt. Because a 7.0-kW system is needed to cover the energy consumption of a typical home in Lillington, the average price of going solar will be about $12,357 after claiming the federal solar tax credit of 30%.
These figures are just estimates, and how much solar costs for you may vary based on the amount of energy your home requires and what company you choose to go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $19,000 over 20 years on energy bills.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in Lillington
| Year | Return on Investment |
|---|---|
| 1 years | $-10,986 |
| 3 years | $-8,243 |
| 5 years | $-5,500 |
| 7 years | $-2,758 |
| 9 years | $-15 |
| 11 years | $2,728 |
| 13 years | $5,470 |
| 15 years | $8,213 |
| 17 years | $10,956 |
| 19 years | $13,699 |
| 21 years | $16,441 |
| 23 years | $19,184 |
| 25 years | $21,927 |
Top Solar Installers in Lillington
Many homeowners choose to use a solar installation company since installing solar panels on your own can be challenging. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
If you're searching for a solar installer in Lillington, the EcoWatch team has put together 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 (coming 2022)
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 Lillington
Factors that Affect Solar Panel Costs in Lillington
The cost of installing a solar system in Lillington can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Lillington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,540 for each additional kilowatt you need. The brand and kind 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 are often more expensive 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 greater 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
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Lillington homeowners opt to finance their solar panel systems to make paying for solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lillington, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Lillington are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $18,518 | 9.4 years |
| 8 kW | $2.59 | $14,508 | $24,976 | 9.2 years |
| 10 kW | $2.54 | $17,780 | $31,575 | 9.0 years |
| 12 kW | $2.49 | $20,909 | $38,317 | 8.8 years |
| 14 kW | $2.44 | $23,896 | $45,201 | 8.6 years |
| 16 kW | $2.39 | $26,741 | $52,227 | 8.5 years |
| 18 kW | $2.34 | $29,444 | $59,395 | 8.3 years |
| 20 kW | $2.29 | $32,004 | $66,706 | 8.1 years |
How to Save on Solar Panels
There are a large number of companies available in Lillington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Different companies have different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lillington, NC Solar Cost FAQs
How much does it cost to install solar panels in Lillington?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lillington?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Lillington?
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 larger amount 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.