Solar Panel Cost Guide in Raleigh, NC (2024 Update)
- Raleigh Solar Installation Cost: $17,186
- 25-Year Savings: $19,114
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Raleigh
Let’s take a look at the average cost of solar in Raleigh.
Although the national average of solar panels is $2.66 per watt, solar panels in Raleigh typically cost about 4.The average solar panel system size in Raleigh is around 7.0 kilowatts, meaning a cost of about $17,186 for a solar installation, or $24,576 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs may differ based on the amount of energy your home requires and what company you go with.Despite the high upfront cost, the average Raleigh homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Raleigh
| Year | Return on Investment |
|---|---|
| 1 years | $-15,721 |
| 3 years | $-12,790 |
| 5 years | $-9,860 |
| 7 years | $-6,930 |
| 9 years | $-4,000 |
| 11 years | $-1,069 |
| 13 years | $1,861 |
| 15 years | $4,791 |
| 17 years | $7,721 |
| 19 years | $10,652 |
| 21 years | $13,582 |
| 23 years | $16,512 |
| 25 years | $19,443 |
Top Solar Installers in Raleigh
When switching to solar energy, many homeowners opt to hire a solar installation company since handling can be a time-consuming project. Another advantage of using a solar company is that they can help you make the most of your ROI by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Raleigh
Factors that Affect Solar Panel Costs in Raleigh
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Raleigh: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,510. The type of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond 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 looking for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Raleigh to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Raleigh is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets.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 come at a higher cost. 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 fits 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 | $3.65 | $15,332 | $11,733 | 14.2 years |
| 8 kW | $3.58 | $20,049 | $16,037 | 13.9 years |
| 10 kW | $3.51 | $24,570 | $20,537 | 13.6 years |
| 12 kW | $3.44 | $28,894 | $25,234 | 13.3 years |
| 14 kW | $3.37 | $33,022 | $30,128 | 13.1 years |
| 16 kW | $3.30 | $36,953 | $35,218 | 12.8 years |
| 18 kW | $3.23 | $40,688 | $40,505 | 12.5 years |
| 20 kW | $3.16 | $44,226 | $45,988 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: The brand of solar panel you’d like to install plays a part in which company you should go with, since different companies have different panels.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
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 Raleigh, NC Solar Cost FAQs
How much does it cost to install solar panels in Raleigh?
The average cost of solar panels in Raleigh is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Raleigh?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.