Solar Panel Cost Guide in Midway, NC (2024 Update)
- Midway Solar Installation Cost: $16,956
- 25-Year Savings: $19,627
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Midway
Find out what the average cost of a solar system is in Midway.
The average cost of a solar panel system in Midway is 4 per watt.Since a 6.9-kW system is needed to cover the energy usage of a typical home in Midway, the average price of going solar will be about $16,956 after claiming the federal solar tax credit of 0.
These figures are just averages, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you go with.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Midway can save about $18,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-15,633 |
| 3 years | $-12,989 |
| 5 years | $-10,345 |
| 7 years | $-7,701 |
| 9 years | $-5,056 |
| 11 years | $-2,412 |
| 13 years | $232 |
| 15 years | $2,876 |
| 17 years | $5,521 |
| 19 years | $8,165 |
| 21 years | $10,809 |
| 23 years | $13,453 |
| 25 years | $16,097 |
Top Solar Installers in Midway
Many homeowners opt for a solar installation company since figuring out how to install solar panels yourself can be a lot of work. The payback period on a solar system will vary depending on factors like your location and energy usage, but working with a solar company can shorten that period. Your provider will be able to help you identify incentives available in your area.
There are a number of licensed solar professionals that can install solar panels for you. 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 Midway
Factors that Affect Solar Panel Costs in Midway
The cost of installing a solar system in Midway can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,510 per kilowatt in Midway.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Midway average.
Solar Financing Terms
Most solar companies in Midway have solar loans, which reduce your upfront costs of installing solar panels.Even though solar loans make going solar more accessible for Midway homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Midway, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Companies that 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 cost more. It’s best to do some research and choose a company that provides the products, warranties and services you want and also fits 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 | $3.65 | $15,332 | $12,401 | 13.8 years |
| 8 kW | $3.58 | $20,049 | $16,928 | 13.6 years |
| 10 kW | $3.51 | $24,570 | $21,651 | 13.3 years |
| 12 kW | $3.44 | $28,894 | $26,571 | 13.0 years |
| 14 kW | $3.37 | $33,022 | $31,688 | 12.8 years |
| 16 kW | $3.30 | $36,953 | $37,001 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,511 | 12.2 years |
| 20 kW | $3.16 | $44,226 | $48,217 | 12.0 years |
How to Save on Solar Panels
There are a large number of companies available in Midway, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Midway, NC Solar Cost FAQs
How much does it cost to install solar panels in Midway?
The average cost of solar panels in Midway is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Midway?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $924.43 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 get between 20 and 35 panels to account for 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.