Solar Panel Cost Guide in Midland, NC (2023 Update)
- Midland Solar Installation Cost: $12,162
- 25-Year Savings: $19,411
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Midland
Let's have a look at the average cost of solar panels in Midland.
The average cost of a solar panel system in Midland is 2.54 per watt. The average Midland homeowner needs a 6.8-kilowatt system, which would cost about $12,162 with the federal tax credit, or $17,392 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary based on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Midland homeowners see about $18,000 in savings on utility bills over 20 years.
To get a free estimate from a vetted solar installation company in Midland, you can click the button below.
Solar savings over time in Midland
| Year | Return on Investment |
|---|---|
| 1 years | $-10,899 |
| 3 years | $-8,373 |
| 5 years | $-5,847 |
| 7 years | $-3,321 |
| 9 years | $-795 |
| 11 years | $1,730 |
| 13 years | $4,256 |
| 15 years | $6,782 |
| 17 years | $9,308 |
| 19 years | $11,834 |
| 21 years | $14,360 |
| 23 years | $16,885 |
| 25 years | $19,411 |
Top Solar Installers in Midland
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar panel installer can make switching to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Midland:
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 Midland
Factors that Affect Solar Panel Costs in Midland
There are a number of factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Midland to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — 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 find a 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 | $2.64 | $11,095 | $16,594 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,410 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,368 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,468 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,710 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,095 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,622 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $60,291 | 8.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
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 Midland, NC Solar Cost FAQs
What is the average cost of installing solar panels in Midland?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities 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 switching to solar power worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 buy 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.