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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Midway, the typical cost of solar panels is 4 per watt.The average solar panel system size in Midway is around 6.9 kilowatts, meaning a cost of about $16,956 for a solar installation, or $24,247 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of equipment you want, your solar contractor and more.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
To receive a free estimate from a pre-vetted solar installer in Midway, you can 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 installing solar panels on your own can be a labor-intensive endeavor. Another perk of utilizing a solar company is that they can help you make the most of your ROI by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Midway
Factors that Affect Solar Panel Costs in Midway
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Midway: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,510.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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 over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Midway average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Midway, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s crucial to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Midway is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.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 cost more. It’s best to do some research and choose 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 | $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 lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, completion timeline incentives and warranties.
- Warranty: If you’re concerned about the endurance of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Midway, NC Solar Cost FAQs
What is the average cost of installing 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 certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Midway?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels completely eradicate my power 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.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 install 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.