Solar Panel Cost Guide in Myrtle Grove, NC (2023 Update)
- Myrtle Grove Solar Installation Cost: $11,326
- 25-Year Savings: $20,915
- Payback Period: 8.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Myrtle Grove
Let's have a look at the average cost of solar in Myrtle Grove.
In Myrtle Grove, solar panels cost about 2.54 per watt on average. To account for the typical energy usage of the average home in Myrtle Grove, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,326, or $16,196 before the federal solar tax credit of 30% is applied.
How much you pay can be higher or lower than the average in Myrtle Grove depending on several factors, such as the brand of solar panels you choose and the solar installer you hire. Even with the large upfront cost, the average Myrtle Grove homeowner can save around $19,000 on their power bills over 20 years, which is one of the perks of solar.
To get a free estimate from a top solar company in Myrtle Grove, you can click the button below.
Solar savings over time in Myrtle Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-10,036 |
| 3 years | $-7,457 |
| 5 years | $-4,878 |
| 7 years | $-2,298 |
| 9 years | $281 |
| 11 years | $2,860 |
| 13 years | $5,439 |
| 15 years | $8,019 |
| 17 years | $10,598 |
| 19 years | $13,177 |
| 21 years | $15,756 |
| 23 years | $18,336 |
| 25 years | $20,915 |
Top Solar Installers in Myrtle Grove
Many homeowners opt for a solar panel installer since installing solar panels on your own can be a lot of work. Solar warranties and repairs are often included in the cost of installation when you go with a solar contractor as well, which can save you more money over time.
If you're on the hunt for a solar company in Myrtle Grove, we've put together 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 Myrtle Grove
Factors that Affect Solar Panel Costs in Myrtle Grove
The cost of installing a solar system in Myrtle Grove can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, 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 much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over five to seven years on average. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Myrtle Grove, and each can charge varying amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is within 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 | $2.64 | $11,095 | $19,265 | 9.1 years |
| 8 kW | $2.59 | $14,508 | $25,971 | 9.0 years |
| 10 kW | $2.54 | $17,780 | $32,819 | 8.8 years |
| 12 kW | $2.49 | $20,909 | $39,810 | 8.6 years |
| 14 kW | $2.44 | $23,896 | $46,943 | 8.4 years |
| 16 kW | $2.39 | $26,741 | $54,218 | 8.3 years |
| 18 kW | $2.34 | $29,444 | $61,635 | 8.1 years |
| 20 kW | $2.29 | $32,004 | $69,194 | 7.9 years |
How to Save on Solar Panels
There are many companies available in Myrtle Grove, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should go with, since different companies have access to different panels.
- Contract: Before you sign a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
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 $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 certain factors like the type 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 Myrtle Grove?
Leasing solar panels can be an option if you are unable to pay upfront or get 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.
Does Myrtle Grove have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future utility bills.
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 average daily 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 buy 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.