Solar Panel Cost Guide in Oak Island, NC (Oct 2022)

  • Oak Island Solar Installation Cost: $11,379
  • 25-Year Savings: $22,010
  • Payback Period: 8.5 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Oak Island

Let's have a look at the average cost of solar panels in Oak Island.

The national average cost of solar panels is $2.66 per watt, but in Oak Island it's $3 per watt. Because a 6.4-kW system is needed to cover the energy consumption of a typical home in Oak Island, the average price of going solar will be about $11,379 before claiming the federal solar tax credit of 30%.

These figures are only estimates, and how much solar costs for you will most likely differ based on your energy needs and what company you go with. With typical savings of about $20,000 on utility bills over 20 years, many homeowners in Oak Island find going solar has a decent ROI.

Click the button below to get connected to a top solar panel company in Oak Island for a customized quote.

Solar savings over time in Oak Island

Year Return on Investment
1 years $-10,044
3 years $-7,373
5 years $-4,701
7 years $-2,030
9 years $641
11 years $3,312
13 years $5,983
15 years $8,654
17 years $11,325
19 years $13,996
21 years $16,668
23 years $19,339
25 years $22,010

Top Solar Installers in Oak Island

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using a solar company can make switching to solar power much easier. Plus, if you aren't sure what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.

If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our recommendations for providers in Oak Island:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in Oak Island

Factors that Affect Solar Panel Costs in Oak Island

While the average cost of solar panels in Oak Island is $11,379, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.

Solar Equipment Size

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 electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,540 per kilowatt in Oak Island. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Oak Island, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Oak Island homeowners opt to finance their solar panel systems to make paying for solar more affordable. While solar loans make going solar more accessible for Oak Island homeowners, they can also increase 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 solar installation company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Oak Island are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.

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 $20,225 8.9 years
8 kW $2.59 $14,508 $27,251 8.7 years
10 kW $2.54 $17,780 $34,419 8.5 years
12 kW $2.49 $20,909 $41,729 8.3 years
14 kW $2.44 $23,896 $49,182 8.2 years
16 kW $2.39 $26,741 $56,777 8.0 years
18 kW $2.34 $29,444 $64,514 7.8 years
20 kW $2.29 $32,004 $72,394 7.7 years

Solar Incentives in Oak Island

Name Duke Energy - NC Solar Rebate Program
Website Visit here
More Info Click here

Name Property Tax Abatement for Solar Electric Systems
More Info Click here

Name Active Solar Heating and Cooling Systems Exemption
More Info Click here

Name Duke Energy Progress - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name EnergyUnited (Electric) Residential Energy Efficiency Program
Website Visit here
More Info Click here

Name NC GreenPower Production Incentive
Website Visit here
More Info Click here

Name Local Option - Financing Program for Renewable Energy and Energy Efficiency
Incentive Amount
More Info Click here

Name Local Option - Green Building Incentives
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

There are numerous companies to choose from in Oak Island, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:

  • Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
  • Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Oak Island, NC Solar Cost FAQs

What is the average cost of installing solar panels in Oak Island?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Oak Island?

Leasing solar panels can be an option if you are unable to pay upfront or secure 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 savings from going solar.

Does Oak Island have a net metering program?

The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy needs and how much 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.

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