Solar Panel Cost Guide in Oak Ridge, NC (2024 Update)
- Oak Ridge Solar Installation Cost: $17,128
- 25-Year Savings: $18,273
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Oak Ridge
We break down average solar pricing in Oak Ridge.
In Oak Ridge, solar panels cost about 4 per watt on average.The average Oak Ridge homeowner needs a 7.0-kilowatt system, which would cost about $17,128 with the federal tax credit, or $24,493 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with.But, once you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $17,000 over 20 years on utility bills.
To get a free estimate from a vetted solar company in Oak Ridge, you can click the button below.
Solar savings over time in Oak Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-15,806 |
| 3 years | $-13,162 |
| 5 years | $-10,518 |
| 7 years | $-7,873 |
| 9 years | $-5,229 |
| 11 years | $-2,585 |
| 13 years | $59 |
| 15 years | $2,704 |
| 17 years | $5,348 |
| 19 years | $7,992 |
| 21 years | $10,636 |
| 23 years | $13,281 |
| 25 years | $15,925 |
Top Solar Installers in Oak Ridge
Installing solar panels yourself can be a challenging project, which is why getting a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you better understand incentives in Oak Ridge, thereby optimizing your ROI.
If you're searching for a solar installer in Oak Ridge, the EcoWatch team has 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
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 Oak Ridge
Factors that Affect Solar Panel Costs in Oak Ridge
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that will push your cost above or below the average in Oak Ridge: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The model of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Oak Ridge homeowners opt to finance their solar panel systems to make going solar more affordable.You’ll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installer you pick will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.You may notice 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 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 | $11,063 | 14.5 years |
| 8 kW | $3.58 | $20,049 | $15,144 | 14.2 years |
| 10 kW | $3.51 | $24,570 | $19,421 | 14.0 years |
| 12 kW | $3.44 | $28,894 | $23,895 | 13.7 years |
| 14 kW | $3.37 | $33,022 | $28,566 | 13.4 years |
| 16 kW | $3.30 | $36,953 | $33,433 | 13.1 years |
| 18 kW | $3.23 | $40,688 | $38,497 | 12.8 years |
| 20 kW | $3.16 | $44,226 | $43,757 | 12.6 years |
How to Save on Solar Panels
There are a lot of companies available in Oak Ridge, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- 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 solid reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Installation Process: When making the switch to solar, it’s essential to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project timeline.
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 Oak Ridge, NC Solar Cost FAQs
What is the average cost of installing solar panels in Oak Ridge?
The average cost of solar panels in Oak Ridge 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 like the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will installing solar panels impact the value of my home?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.