Solar Panel Cost Guide in Oak Island, NC (2023 Update)
- Oak Island Solar Installation Cost: $11,373
- 25-Year Savings: $22,016
- Payback Period: 8.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Oak Island
Here's how much it might cost to make the switch to solar in Oak Island.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oak Island, the average cost of a solar system is 2.54 per watt. The average solar panel system size in Oak Island is around 6.4 kilowatts, meaning a cost of about $11,379 for a solar installation, or $16,272 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Oak Island homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Despite the significant upfront cost, the average Oak Island homeowner can save around $20,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar company in Oak Island that can help you get a more accurate cost estimate for your home.
Solar savings over time in Oak Island
| Year | Return on Investment |
|---|---|
| 1 years | $-9,902 |
| 3 years | $-6,960 |
| 5 years | $-4,017 |
| 7 years | $-1,075 |
| 9 years | $1,867 |
| 11 years | $4,809 |
| 13 years | $7,751 |
| 15 years | $10,694 |
| 17 years | $13,636 |
| 19 years | $16,578 |
| 21 years | $19,520 |
| 23 years | $22,462 |
| 25 years | $25,404 |
Top Solar Installers in Oak Island
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Using a solar company can make swapping over to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Oak Island
Factors that Affect Solar Panel Costs in Oak Island
The cost of installing a solar system in Oak Island can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,540. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose 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
Most solar installers in Oak Island provide solar loans, which reduce the initial cost of installing a solar system. Even though solar loans make going solar more accessible for Oak Island homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can influence your pricing. Oak Island's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — 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 decide on the company that offers the products, warranties and services you want and also fit into 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 | $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 |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer good-quality solar panel installation and expertise.
- Solar Panel Brands: The brand of solar panel you want plays a part in which installer you should choose, since different companies provide different panels.
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 Oak Island, NC Solar Cost FAQs
How much does it cost to install solar panels in Oak Island?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Oak Island?
Leasing solar panels can be an appealing choice, as it usually 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 way to go if you want to maximize your savings.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,043.98 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.