Solar Panel Cost Guide in Lowell, NC (2023 Update)
- Lowell Solar Installation Cost: $12,108
- 25-Year Savings: $20,492
- Payback Period: 9.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lowell
Find out what the average cost of installing solar panels is in Lowell.
While the national average of solar panels is $2.66 per watt, solar panels in Lowell typically cost around 2.54. The average solar panel system size in Lowell is around 6.8 kilowatts, meaning a cost of about $12,108 for a solar installation, or $17,314 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lowell homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find adopting solar power is a solid investment. The average homeowner in Lowell can save around $18,000 on their electricity bills over 20 years.
To get a free estimate from a highly rated solar company in Lowell, you can click the button below.
Solar savings over time in Lowell
| Year | Return on Investment |
|---|---|
| 1 years | $-10,804 |
| 3 years | $-8,196 |
| 5 years | $-5,588 |
| 7 years | $-2,980 |
| 9 years | $-372 |
| 11 years | $2,236 |
| 13 years | $4,844 |
| 15 years | $7,452 |
| 17 years | $10,060 |
| 19 years | $12,668 |
| 21 years | $15,276 |
| 23 years | $17,884 |
| 25 years | $20,492 |
Top Solar Installers in Lowell
When switching to solar energy, many homeowners choose to go with a solar company since putting up a solar system yourself can be a challenging project. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy needs, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you're looking for a solar company in Lowell, we've compiled 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 Lowell
Factors that Affect Solar Panel Costs in Lowell
The cost of installing a solar system in Lowell can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company 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 energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Lowell. There are several different solar panel brands and the one you choose also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. Even though solar loans make adopting solar energy more accessible for Lowell homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Lowell, and each can charge varying amounts for labor and equipment. Additionally, some companies in Lowell have more knowledge about local solar incentives and can help you make good use 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 | $17,621 | 9.7 years |
| 8 kW | $2.59 | $14,508 | $23,779 | 9.5 years |
| 10 kW | $2.54 | $17,780 | $30,080 | 9.3 years |
| 12 kW | $2.49 | $20,909 | $36,523 | 9.1 years |
| 14 kW | $2.44 | $23,896 | $43,108 | 8.9 years |
| 16 kW | $2.39 | $26,741 | $49,835 | 8.7 years |
| 18 kW | $2.34 | $29,444 | $56,704 | 8.5 years |
| 20 kW | $2.29 | $32,004 | $63,716 | 8.4 years |
How to Save on Solar Panels
The solar panel company you choose will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: The type of solar panel you'd like to get plays a role in which installer you should choose, since different companies have access to different panels.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
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 Lowell, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lowell?
The average cost of solar panels in Lowell 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lowell?
You can't get solar panels for free in Lowell. However, you may still be able to install 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 will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
To figure out how many solar panels 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 usually produce about 250 to 400 watt-hours per hour, the average household 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.