Solar Panel Cost Guide in Mills River, NC (2023 Update)
- Mills River Solar Installation Cost: $12,197
- 25-Year Savings: $20,972
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mills River
Find out what the average cost of solar panel installation is in Mills River.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mills River, the average cost of a solar system is 2.54 per watt. Using this figure, a typical 6.9-kW system would cost about $12,197 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of equipment you choose, your solar contractor and more. Many homeowners find going solar is a solid investment. The average homeowner in Mills River can save about $18,000 on their power bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Mills River
| Year | Return on Investment |
|---|---|
| 1 years | $-10,870 |
| 3 years | $-8,217 |
| 5 years | $-5,563 |
| 7 years | $-2,910 |
| 9 years | $-256 |
| 11 years | $2,398 |
| 13 years | $5,051 |
| 15 years | $7,705 |
| 17 years | $10,358 |
| 19 years | $13,012 |
| 21 years | $15,665 |
| 23 years | $18,319 |
| 25 years | $20,972 |
Top Solar Installers in Mills River
Many homeowners opt for a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. Plus, if you're not certain what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you're looking for a solar company in Mills River, the EcoWatch team has compiled 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
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 Mills River
Factors that Affect Solar Panel Costs in Mills River
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Mills River: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,540 per kilowatt in Mills River. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Mills River, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Mills River homeowners opt to finance their solar panel systems to offset upfront costs. When considering 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
Lastly, the company you opt for to install your solar panels can impact your pricing. Mills River's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Mills River have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $17,903 | 9.6 years |
| 8 kW | $2.59 | $14,508 | $24,155 | 9.4 years |
| 10 kW | $2.54 | $17,780 | $30,550 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $37,086 | 9.0 years |
| 14 kW | $2.44 | $23,896 | $43,765 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $50,586 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $57,550 | 8.5 years |
| 20 kW | $2.29 | $32,004 | $64,655 | 8.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Mills River, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: If you're concerned about the endurance of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Mills River, NC Solar Cost FAQs
What is the average cost of installing solar panels in Mills River?
The average cost of solar panels in Mills River 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 like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Mills River?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.