Solar Panel Cost Guide in Raeford, NC (2023 Update)
- Raeford Solar Installation Cost: $16,876
- 25-Year Savings: $19,639
- Payback Period: 13.2 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Raeford
We break down average solar pricing in Raeford.
In Raeford, solar panels cost about 2.54 per watt on average.The average Raeford homeowner needs a 6.9-kilowatt system, which would cost about $12,215 with the federal tax credit, or $17,467 before the 30% tax credit is applied.
The true cost of your system can be above or below the average in Raeford depending on several factors, such as the brand of solar panels you choose and the solar installer you hire.For most homeowners, the upfront cost of solar power is worth paying. On average Raeford homeowners see about $18,000 in savings on utility bills over 20 years.
To get a free quote from a highly rated solar company in Raeford, you can click the button below.
Solar savings over time in Raeford
| Year | Return on Investment |
|---|---|
| 1 years | $-15,405 |
| 3 years | $-12,463 |
| 5 years | $-9,521 |
| 7 years | $-6,578 |
| 9 years | $-3,636 |
| 11 years | $-694 |
| 13 years | $2,248 |
| 15 years | $5,190 |
| 17 years | $8,133 |
| 19 years | $11,075 |
| 21 years | $14,017 |
| 23 years | $16,959 |
| 25 years | $19,901 |
Top Solar Installers in Raeford
Many homeowners choose to use a solar panel company since trying to install solar panels by yourself can be a lot of work. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our recommendations for providers in Raeford:
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
The cost of installing a solar system in Raeford 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
When it comes to estimating the cost of a solar energy 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 largely based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,540 for each additional kilowatt you need.The brand of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is 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's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Raeford, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating in Raeford, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $12,492 | 13.8 years |
| 8 kW | $3.58 | $20,049 | $17,049 | 13.5 years |
| 10 kW | $3.51 | $24,570 | $21,802 | 13.2 years |
| 12 kW | $3.44 | $28,894 | $26,752 | 13.0 years |
| 14 kW | $3.37 | $33,022 | $31,899 | 12.7 years |
| 16 kW | $3.30 | $36,953 | $37,242 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,782 | 12.2 years |
| 20 kW | $3.16 | $44,226 | $48,518 | 11.9 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- 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 component breaking or if the company goes out of business.
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
What is the average cost of installing 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 type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Raeford?
A solar panel system isn't free in Raeford, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How much can I save on energy 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 $927.44 per year.
What solar power system size is right for my home?
To figure out how many solar panels 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 typically produce about 250 to 400 watt-hours per hour, the average household 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.