Solar Panel Cost Guide in Marvin, NC (2023 Update)
- Marvin Solar Installation Cost: $12,055
- 25-Year Savings: $20,024
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Marvin
Let's have a look at the average cost of solar in Marvin.
While the national average of solar panels is $2.66 per watt, solar panels in Marvin typically cost about 2.54. Using this figure, a typical 6.8-kW system would cost about $12,055 before the 30% federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Marvin depending on several factors, such as the kind of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar power is worth paying. On average Marvin homeowners see about $18,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Marvin
| Year | Return on Investment |
|---|---|
| 1 years | $-10,772 |
| 3 years | $-8,205 |
| 5 years | $-5,639 |
| 7 years | $-3,073 |
| 9 years | $-507 |
| 11 years | $2,060 |
| 13 years | $4,626 |
| 15 years | $7,192 |
| 17 years | $9,759 |
| 19 years | $12,325 |
| 21 years | $14,891 |
| 23 years | $17,457 |
| 25 years | $20,024 |
Top Solar Installers in Marvin
Trying to install solar panels on your own can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. Also, if you'd like to maximize your investment in solar power, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
If you're on the hunt for a solar company in Marvin, 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 Marvin
Factors that Affect Solar Panel Costs in Marvin
The cost of installing a solar system in Marvin can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Marvin, one of the most important 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 usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,540 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Marvin homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your total costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Marvin know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $17,295 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,344 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,536 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,870 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,346 | 9.0 years |
| 16 kW | $2.39 | $26,741 | $48,965 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $55,725 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $62,628 | 8.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly 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 (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 Marvin, NC Solar Cost FAQs
How much does it cost to install solar panels in Marvin?
The average cost of solar panels in Marvin 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Marvin?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $946.32 per year.
How often do you have to replace solar panels?
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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.