Solar Panel Cost Guide in Lumberton, NC (Mar 2023)
- Lumberton Solar Installation Cost: $12,090
- 25-Year Savings: $22,312
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lumberton
Find out what the average cost of solar panel installation is in Lumberton.
Although the national average of solar panels is $2.66 per watt, solar panels in Lumberton generally cost about 2.54. The average Lumberton homeowner needs a 6.8-kilowatt system, which would cost about $12,090 with the federal tax credit, or $17,289 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of equipment you want, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average Lumberton homeowners see about $19,000 in savings on energy bills over 20 years.
To receive a free estimate from a highly rated solar company in Lumberton, you can click the button below.
Solar savings over time in Lumberton
| Year | Return on Investment |
|---|---|
| 1 years | $-10,714 |
| 3 years | $-7,962 |
| 5 years | $-5,210 |
| 7 years | $-2,458 |
| 9 years | $294 |
| 11 years | $3,047 |
| 13 years | $5,799 |
| 15 years | $8,551 |
| 17 years | $11,303 |
| 19 years | $14,055 |
| 21 years | $16,808 |
| 23 years | $19,560 |
| 25 years | $22,312 |
Top Solar Installers in Lumberton
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make your swap to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're searching for a solar installer in Lumberton, we've 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 Lumberton
Factors that Affect Solar Panel Costs in Lumberton
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Lumberton: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some 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. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lumberton, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Lumberton, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $19,277 | 9.1 years |
| 8 kW | $2.59 | $14,508 | $25,988 | 9.0 years |
| 10 kW | $2.54 | $17,780 | $32,840 | 8.8 years |
| 12 kW | $2.49 | $20,909 | $39,835 | 8.6 years |
| 14 kW | $2.44 | $23,896 | $46,972 | 8.4 years |
| 16 kW | $2.39 | $26,741 | $54,251 | 8.3 years |
| 18 kW | $2.34 | $29,444 | $61,672 | 8.1 years |
| 20 kW | $2.29 | $32,004 | $69,236 | 7.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
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 Lumberton, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lumberton?
This is a tough question to answer exactly, because the cost depends on a few different 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 cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Lumberton?
Most states offer net metering programs of some kind. Through these, you can either get paid 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 Lumberton?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.