Solar Panel Cost Guide in Midway, NC (Feb 2023)
- Midway Solar Installation Cost: $12,268
- 25-Year Savings: $19,629
- Payback Period: 9.6 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Midway
We go over average solar pricing in Midway.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Midway, the average cost of a solar system is $3 per watt. Using this figure, a typical 6.9 would cost about $12,268 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely differ based on your energy needs and what company you want to go with. With typical savings of about $18,000 on power bills over 20 years, many homeowners in Midway find installing solar panels has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Midway for a quote for your home.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-10,992 |
| 3 years | $-8,441 |
| 5 years | $-5,889 |
| 7 years | $-3,337 |
| 9 years | $-785 |
| 11 years | $1,767 |
| 13 years | $4,318 |
| 15 years | $6,870 |
| 17 years | $9,422 |
| 19 years | $11,974 |
| 21 years | $14,525 |
| 23 years | $17,077 |
| 25 years | $19,629 |
Top Solar Installers in Midway
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of an installer can make swapping over to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Midway, we've organized 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 Midway
Factors that Affect Solar Panel Costs in Midway
There are many criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,540. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Midway average.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can play a role in determining how much you pay. Midway's solar companies all have different labor costs and add varying upcharges to 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 with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is within 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 | $16,638 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,469 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,441 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,556 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,814 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,213 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $53,755 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,439 | 8.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Look through the contract terms closely to make sure you understand the total cost, project completion timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
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 Midway, NC Solar Cost FAQs
What is the average cost of installing solar panels in Midway?
This is a difficult question to answer precisely, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Midway?
You can't get solar panels for free in Midway. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Midway, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.