Solar Panel Cost Guide in Midway, NC (2023 Update)
- Midway Solar Installation Cost: $12,270
- 25-Year Savings: $19,627
- Payback Period: 9.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Midway
See how much it might cost to switch to solar power in Midway.
The average cost of solar panels in Midway is 2.54 per watt. The average solar panel system size in Midway is around 6.9 kilowatts, meaning a cost of about $12,268 for a solar installation, or $17,543 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. With average savings of about $18,000 on utility bills over 20 years, many homeowners in Midway find going solar can be quite rewarding.
Click the button below to get connected to a reputable solar installer in Midway for a custom quote.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-12,164 |
| 3 years | $-11,951 |
| 5 years | $-11,738 |
| 7 years | $-11,526 |
| 9 years | $-11,313 |
| 11 years | $-11,100 |
| 13 years | $-10,888 |
| 15 years | $-10,675 |
| 17 years | $-10,462 |
| 19 years | $-10,250 |
| 21 years | $-10,037 |
| 23 years | $-9,824 |
| 25 years | $-9,612 |
Top Solar Installers in Midway
Trying to put up solar panels by yourself can be a challenging project, which is why hiring a solar installation company is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for your home.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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
There are many criteria 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
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Midway, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can affect your pricing. Midway's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- 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 you can expect about your solar system's energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two 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 past customers.
- Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which installer you should choose, since different companies have access to different panels.
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 $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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.