Solar Panel Cost Guide in Matthews, NC (2023 Update)
- Matthews Solar Installation Cost: $12,134
- 25-Year Savings: $19,937
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Matthews
We go over average solar pricing in Matthews.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Matthews, the typical cost of a solar system is 2.54 per watt. To account for the typical energy usage of the average home in Matthews, most homeowners require a 6.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,126, or $17,340 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and your own solar costs will most likely differ based on your energy needs and what company you want to go with. Despite the large initial cost, the average Matthews homeowner can save about $18,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar company in Matthews that can help you get a more accurate cost estimate for your home.
Solar savings over time in Matthews
| Year | Return on Investment |
|---|---|
| 1 years | $-12,027 |
| 3 years | $-11,813 |
| 5 years | $-11,599 |
| 7 years | $-11,385 |
| 9 years | $-11,172 |
| 11 years | $-10,958 |
| 13 years | $-10,744 |
| 15 years | $-10,530 |
| 17 years | $-10,316 |
| 19 years | $-10,103 |
| 21 years | $-9,889 |
| 23 years | $-9,675 |
| 25 years | $-9,461 |
Top Solar Installers in Matthews
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels yourself can be a labor-intensive endeavor. Plus, if you're unsure what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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
See all of the solar companies in Matthews
Factors that Affect Solar Panel Costs in Matthews
Even though the average cost of a solar system in Matthews is $12,126, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,540. The kind of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment is more than 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Matthews homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies in Matthews, and each can charge different amounts for labor and equipment. Additionally, some companies in Matthews are more knowledgeable about local solar incentives and can help you make good use 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 | $17,102 | 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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- 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 large role in the company you hire.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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
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 precisely, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Matthews?
Solar panels aren't free in Matthews, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.