Solar Panel Cost Guide in Myrtle Grove, NC (2024 Update)
- Myrtle Grove Solar Installation Cost: $15,655
- 25-Year Savings: $20,912
- Payback Period: 12.1 Years
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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.
The national average cost of solar panels is $2.66 per watt, but in Myrtle Grove it’s 4 per watt.Using this figure, a typical 6.4-kW system would cost about $15,655 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Myrtle Grove homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $19,000 on energy bills over 20 years, many homeowners in Myrtle Grove find investing in solar can pay off big.
You can click the button below to get connected with a top solar installer in Myrtle Grove for a quote for your home.
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
Trying to put up solar panels yourself can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Another upside of using a solar installer is that they can help you make the most of your ROI by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you’d like to go solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers near you:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,510. The kind of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to think about 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 for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Myrtle Grove to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.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 original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Myrtle Grove is the company you get to install your solar system. As with choosing a company to install new cabinets, for example, you’ll have many options for solar installers that provide a range of services for different budgets.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, completion timeline rebates and warranties.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly 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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Myrtle Grove?
Leasing solar panels can be an attractive choice, as it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase your home value?
Installing solar panels on your home 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 look forward to 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 worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 get between 20 and 35 panels to cover 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.