Solar Panel Cost Guide in Myrtle Grove, NC (2023 Update)
- Myrtle Grove Solar Installation Cost: $15,655
- 25-Year Savings: $20,912
- Payback Period: 12.1 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Myrtle Grove
Find out how much it might cost to install solar panels in Myrtle Grove.
In Myrtle Grove, solar panels cost about 4 per watt on average.Because a 6.4-kW system is needed to cover the energy costs of a typical home in Myrtle Grove, the average price of going solar will be about $15,655 after claiming the federal solar tax credit of 0.
These figures are just averages, and the cost of going solar for you may differ based on factors unique to your home and what company you want to go with.Many homeowners find going solar is a sound investment. The average homeowner in Myrtle Grove can save around $19,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a custom quote.
Solar savings over time in Myrtle Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-14,184 |
| 3 years | $-11,242 |
| 5 years | $-8,300 |
| 7 years | $-5,358 |
| 9 years | $-2,416 |
| 11 years | $527 |
| 13 years | $3,469 |
| 15 years | $6,411 |
| 17 years | $9,353 |
| 19 years | $12,295 |
| 21 years | $15,238 |
| 23 years | $18,180 |
| 25 years | $21,122 |
Top Solar Installers in Myrtle Grove
Many homeowners opt for a solar installer since trying to install solar panels yourself can be time-consuming. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
Working with a licensed solar installer 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 Myrtle Grove
Factors that Affect Solar Panel Costs in Myrtle Grove
There are many factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 pay around $3,510 per kilowatt in Myrtle Grove.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. 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 challenging. Solar loans are provided by most installers in Myrtle Grove, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can affect how much it costs. Myrtle Grove’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $3.65 | $15,332 | $15,028 | 12.6 years |
| 8 kW | $3.58 | $20,049 | $20,430 | 12.4 years |
| 10 kW | $3.51 | $24,570 | $26,029 | 12.1 years |
| 12 kW | $3.44 | $28,894 | $31,825 | 11.9 years |
| 14 kW | $3.37 | $33,022 | $37,817 | 11.7 years |
| 16 kW | $3.30 | $36,953 | $44,005 | 11.4 years |
| 18 kW | $3.23 | $40,688 | $50,391 | 11.2 years |
| 20 kW | $3.16 | $44,226 | $56,972 | 10.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Myrtle Grove, NC Solar Cost FAQs
What is the average cost of installing solar panels in Myrtle Grove?
The average cost of solar panels in Myrtle Grove is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Myrtle Grove?
Leasing solar panels can be an attractive choice, because it often 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 option if you want to maximize your savings.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Myrtle Grove is currently $707,954, which means you can expect a value of about $29,026 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Myrtle Grove is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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.