Solar Panel Cost Guide in Mount Olive, NC (2023 Update)
- Mount Olive Solar Installation Cost: $12,375
- 25-Year Savings: $19,904
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mount Olive
Find out what the average cost of solar panel installation is in Mount Olive.
In Mount Olive, solar panels cost about 2.54 per watt on average. To cover the typical energy usage of the average home in Mount Olive, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,375, or $17,696 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs may look different based on your energy needs and what company you choose to go with. But, once you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-11,084 |
| 3 years | $-8,501 |
| 5 years | $-5,919 |
| 7 years | $-3,337 |
| 9 years | $-754 |
| 11 years | $1,828 |
| 13 years | $4,410 |
| 15 years | $6,993 |
| 17 years | $9,575 |
| 19 years | $12,157 |
| 21 years | $14,739 |
| 23 years | $17,322 |
| 25 years | $19,904 |
Top Solar Installers in Mount Olive
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with an installer can make converting to solar power much easier. Local solar companies can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
If you'd like to make the switch to solar but still aren't certain which solar company to go with, here are our recommendations for providers in Mount Olive:
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 Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
The cost of installing a solar system in Mount Olive can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Mount Olive, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. Though solar loans make switching to solar energy more accessible for Mount Olive homeowners, they can also add to 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 last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Mount Olive, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $16,718 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,575 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,574 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,716 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,999 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,425 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $53,994 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,704 | 8.6 years |
How to Save on Solar Panels
The solar company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should choose, since different companies have access to different panels.
- 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 cost.
- Warranty: If you care about the endurance of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a sound reputation as a company and have proven 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 satisfied reviews from previous customers.
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 Mount Olive, NC Solar Cost FAQs
How much does it cost to install solar panels in Mount Olive?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels significantly reduce my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Mount Olive, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Mount Olive?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.