Solar Panel Cost Guide in Matthews, NC (2023 Update)
- Matthews Solar Installation Cost: $12,126
- 25-Year Savings: $19,945
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Matthews
Here's how much it might cost to switch to solar power in Matthews.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Matthews, the average cost of solar panels is 2.54 per watt. Using this figure, a typical 6.8-kW system would cost about $12,126 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you choose to go with. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Matthews find installing solar panels can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Matthews
| Year | Return on Investment |
|---|---|
| 1 years | $-10,843 |
| 3 years | $-8,277 |
| 5 years | $-5,712 |
| 7 years | $-3,146 |
| 9 years | $-580 |
| 11 years | $1,985 |
| 13 years | $4,551 |
| 15 years | $7,117 |
| 17 years | $9,682 |
| 19 years | $12,248 |
| 21 years | $14,814 |
| 23 years | $17,380 |
| 25 years | $19,945 |
Top Solar Installers in Matthews
Installing solar panels on your own can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for your home.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
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 Matthews
Factors that Affect Solar Panel Costs in Matthews
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Matthews: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 Matthews. The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable route because they lower your upfront costs and let you pay for your system over five to seven years on average. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Matthews, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $17,102 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,087 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,215 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $35,485 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,896 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,451 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,147 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $61,986 | 8.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly affects your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Review the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
- 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 (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 Matthews, NC Solar Cost FAQs
How much does it cost to install solar panels in Matthews?
The average cost of solar panels in Matthews is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
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 your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $939.90 per year.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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.