Solar Panel Cost Guide in Newport, NC (2024 Update)
- Newport Solar Installation Cost: $15,422
- 25-Year Savings: $20,398
- Payback Period: 12.2 Years
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Average Cost of Solar Panels in Newport
We break down average solar pricing in Newport.
In Newport, solar panels cost about 4 per watt on average.The average Newport homeowner needs a 6.3-kilowatt system, which would cost about $15,422 with the federal tax credit, or $22,053 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Newport homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $19,000 over 20 years on power bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-13,951 |
| 3 years | $-11,009 |
| 5 years | $-8,067 |
| 7 years | $-5,125 |
| 9 years | $-2,182 |
| 11 years | $760 |
| 13 years | $3,702 |
| 15 years | $6,644 |
| 17 years | $9,586 |
| 19 years | $12,529 |
| 21 years | $15,471 |
| 23 years | $18,413 |
| 25 years | $21,355 |
Top Solar Installers in Newport
Although you can install solar panels on your own, it requires extra energy and know-how. Because of that, almost all homeowners choose a solar panel installer. In addition, if you’d like to maximize your investment in solar energy, using a solar installer can help with that too. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
If you're looking for a solar company in Newport, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Newport
Factors that Affect Solar Panel Costs in Newport
While the average cost of a solar system in Newport is $15,422, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar 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 around $3,510. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Newport homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the amount of 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the massive popularity of renewable energy solutions in Newport, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may come across 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 specials to compete with those larger companies.
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 | $14,835 | 12.7 years |
| 8 kW | $3.58 | $20,049 | $20,173 | 12.5 years |
| 10 kW | $3.51 | $24,570 | $25,707 | 12.2 years |
| 12 kW | $3.44 | $28,894 | $31,438 | 12.0 years |
| 14 kW | $3.37 | $33,022 | $37,366 | 11.7 years |
| 16 kW | $3.30 | $36,953 | $43,490 | 11.5 years |
| 18 kW | $3.23 | $40,688 | $49,811 | 11.2 years |
| 20 kW | $3.16 | $44,226 | $56,328 | 11.0 years |
How to Save on Solar Panels
The solar company you go with will be a major factor in determining not only your total 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 consider, including:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Contract: Review the contract terms closely to make sure you understand the overall cost, completion timeline rebates and warranties.
- Reputation: Solar 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.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Newport, NC Solar Cost FAQs
How much does it cost to install solar panels in Newport?
The average cost of solar panels in Newport 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 stuff such as 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 Newport?
Leasing solar panels can be an appealing choice, because it commonly 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 way to go if you want to maximize your savings.
Do solar panels increase your property 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 Newport is currently $310,323, which means you can expect a value of about $12,723 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Newport is a worthwhile investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.