Solar Panel Cost Guide in Lumberton, NC (2024 Update)
- Lumberton Solar Installation Cost: $16,698
- 25-Year Savings: $21,026
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Lumberton
Here’s how much it might cost to install solar panels in Lumberton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lumberton, the typical cost of solar panels is 4 per watt.The average Lumberton homeowner needs a 6.8-kilowatt system, which would cost about $16,698 with the federal tax credit, or $23,878 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Lumberton homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $19,000 over 20 years on utility bills.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lumberton
| Year | Return on Investment |
|---|---|
| 1 years | $-15,189 |
| 3 years | $-12,171 |
| 5 years | $-9,153 |
| 7 years | $-6,135 |
| 9 years | $-3,117 |
| 11 years | $-100 |
| 13 years | $2,918 |
| 15 years | $5,936 |
| 17 years | $8,954 |
| 19 years | $11,972 |
| 21 years | $14,990 |
| 23 years | $18,008 |
| 25 years | $21,026 |
Top Solar Installers in Lumberton
Although you can install solar panels by yourself, it involves extra energy and knowledge. That's why most people choose a solar panel installer. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lumberton
Factors that Affect Solar Panel Costs in Lumberton
While the average cost of a solar system in Lumberton is $16,698, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the price of solar panels in Lumberton, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $3,510 for each additional kilowatt you need.The type of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the massive popularity of clean energy solutions in Lumberton, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $3.65 | $15,332 | $15,040 | 12.6 years |
| 8 kW | $3.58 | $20,049 | $20,447 | 12.4 years |
| 10 kW | $3.51 | $24,570 | $26,050 | 12.1 years |
| 12 kW | $3.44 | $28,894 | $31,850 | 11.9 years |
| 14 kW | $3.37 | $33,022 | $37,846 | 11.6 years |
| 16 kW | $3.30 | $36,953 | $44,039 | 11.4 years |
| 18 kW | $3.23 | $40,688 | $50,428 | 11.2 years |
| 20 kW | $3.16 | $44,226 | $57,014 | 10.9 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Installation Process: When making the switch to solar power, it’s crucial to maintain an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the completion timeline.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lumberton, NC Solar Cost FAQs
How much does it cost to install solar panels in Lumberton?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
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 requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.