Solar Panel Cost Guide in Raeford, NC (2023 Update)
- Raeford Solar Installation Cost: $12,215
- 25-Year Savings: $19,636
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Raeford
Let's take a look at the average cost of solar in Raeford.
Although the national average of solar panels is $2.66 per watt, solar panels in Raeford typically cost around 2.54. Using this figure, a typical 6.9-kW system would cost about $12,215 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will most likely look different based on factors unique to your home and what company you go with. With average savings of about $18,000 on energy bills over 20 years, many homeowners in Raeford find installing solar panels has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Raeford for a quote for your home.
Solar savings over time in Raeford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,941 |
| 3 years | $-8,393 |
| 5 years | $-5,845 |
| 7 years | $-3,297 |
| 9 years | $-748 |
| 11 years | $1,800 |
| 13 years | $4,348 |
| 15 years | $6,896 |
| 17 years | $9,444 |
| 19 years | $11,992 |
| 21 years | $14,540 |
| 23 years | $17,088 |
| 25 years | $19,636 |
Top Solar Installers in Raeford
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Using an installer can make converting to solar power much easier. Plus, if you aren't sure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Raeford
Factors that Affect Solar Panel Costs in Raeford
There are a number of criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar system in Raeford, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,540 for each additional kilowatt you need. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Raeford average.
Solar Financing Terms
Most solar installers in Raeford provide solar loans, which reduce the initial cost of installing solar. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Raeford, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk 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 | $2.64 | $11,095 | $16,729 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,589 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,592 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,737 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $41,025 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,454 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $54,026 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,740 | 8.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
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 Raeford, NC Solar Cost FAQs
How much does it cost to install solar panels in Raeford?
The average cost of solar panels in Raeford 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Raeford?
Leasing solar panels can be an attractive choice, because it commonly 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 option if you want to get the most savings.
Is it worth going solar in Raeford?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Raeford?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.