Solar Panel Cost Guide in Matthews, NC (2024 Update)
- Matthews Solar Installation Cost: $16,767
- 25-Year Savings: $19,937
- Payback Period: 13.1 Years
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Average Cost of Solar Panels in Matthews
Let’s have a look at the average cost of solar in Matthews.
The national average cost of solar panels is $2.66 per watt, but in Matthews it’s 4 per watt.The average Matthews homeowner needs a 6.8-kilowatt system, which would cost about $16,767 with the federal tax credit, or $23,977 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy consumption and what installation company you go with.With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Matthews find installing solar panels has a decent ROI.
Click the button below to get connected to a highly rated solar installer in your area for a personalized quote.
Solar savings over time in Matthews
| Year | Return on Investment |
|---|---|
| 1 years | $-15,445 |
| 3 years | $-12,801 |
| 5 years | $-10,157 |
| 7 years | $-7,513 |
| 9 years | $-4,868 |
| 11 years | $-2,224 |
| 13 years | $420 |
| 15 years | $3,064 |
| 17 years | $5,709 |
| 19 years | $8,353 |
| 21 years | $10,997 |
| 23 years | $13,641 |
| 25 years | $16,286 |
Top Solar Installers in Matthews
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make switching to solar power much easier. The payback period on a solar system will vary based on factors like your roof configuration and energy use, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Matthews
Factors that Affect Solar Panel Costs in Matthews
For many Matthews homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Matthews, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,510. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Matthews, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of 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
Many homeowners find the average cost of solar in Matthews to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.However, the interest on solar loans also increases your all-in costs, so it’s crucial to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Matthews, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that has the products, warranties and services you want and also fit into your budget.
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 | $12,865 | 13.6 years |
| 8 kW | $3.58 | $20,049 | $17,547 | 13.3 years |
| 10 kW | $3.51 | $24,570 | $22,425 | 13.1 years |
| 12 kW | $3.44 | $28,894 | $27,499 | 12.8 years |
| 14 kW | $3.37 | $33,022 | $32,771 | 12.5 years |
| 16 kW | $3.30 | $36,953 | $38,238 | 12.3 years |
| 18 kW | $3.23 | $40,688 | $43,903 | 12.0 years |
| 20 kW | $3.16 | $44,226 | $49,764 | 11.8 years |
How to Save on Solar Panels
The solar panel company you go with will impact 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 several important things you should keep in mind, including:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Matthews, NC Solar Cost FAQs
How much does it cost to install solar panels in Matthews?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Matthews?
You can’t get solar panels for free in Matthews. 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.
Is it worth going solar in Matthews?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.