Solar Panel Cost Guide in Oxford, NC (2023 Update)
- Oxford Solar Installation Cost: $12,508
- 25-Year Savings: $21,829
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oxford
Find out what the average cost of solar panel installation is in Oxford.
While the national average of solar panels is $2.66 per watt, solar panels in Oxford generally cost about 2.54. Using this figure, a typical 7.0-kW system would cost about $12,499 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Oxford homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Oxford find going solar can pay off big.
To receive a free quote from a vetted solar installation company in Oxford, you can click the button below.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-11,037 |
| 3 years | $-8,094 |
| 5 years | $-5,152 |
| 7 years | $-2,210 |
| 9 years | $732 |
| 11 years | $3,674 |
| 13 years | $6,616 |
| 15 years | $9,559 |
| 17 years | $12,501 |
| 19 years | $15,443 |
| 21 years | $18,385 |
| 23 years | $21,327 |
| 25 years | $24,270 |
Top Solar Installers in Oxford
Although it's possible to install solar panels by yourself, it involves extra energy and expertise. That's why most people choose to go with a solar panel installer. Another upside of going with a solar company is that they can help you maximize your investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you'd like to start using solar energy but still aren't certain which solar panel installer to go with, here are our suggestions for providers in Oxford:
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 Oxford
Factors that Affect Solar Panel Costs in Oxford
There are a number of criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Oxford, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that has the products, warranties and services you're looking for and also is within 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 | $18,191 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,539 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $31,030 | 9.1 years |
| 12 kW | $2.49 | $20,909 | $37,663 | 8.9 years |
| 14 kW | $2.44 | $23,896 | $44,437 | 8.7 years |
| 16 kW | $2.39 | $26,741 | $51,355 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $58,414 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,616 | 8.2 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Oxford, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two 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 satisfied reviews from past customers.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
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 Oxford, NC Solar Cost FAQs
What is the average cost of installing solar panels in Oxford?
The average cost of solar panels in Oxford is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Oxford?
Leasing solar panels can be an appealing choice, as it usually 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 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.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $976.20 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.