Solar Panel Cost Guide in Raleigh, NC (2023 Update)
- Raleigh Solar Installation Cost: $12,436
- 25-Year Savings: $19,114
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Raleigh
Let's take a look at the average cost of solar in Raleigh.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Raleigh, the typical cost of solar panels is 2.54 per watt. The average solar panel system size in Raleigh is around 7.0 kilowatts, meaning a cost of about $12,428 for a solar installation, or $17,772 before the 30% federal solar 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 actual cost of going solar can vary depending on a few factors, such as what size system you need, your energy usage and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $17,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Raleigh
| Year | Return on Investment |
|---|---|
| 1 years | $-12,331 |
| 3 years | $-12,121 |
| 5 years | $-11,911 |
| 7 years | $-11,700 |
| 9 years | $-11,490 |
| 11 years | $-11,280 |
| 13 years | $-11,069 |
| 15 years | $-10,859 |
| 17 years | $-10,649 |
| 19 years | $-10,438 |
| 21 years | $-10,228 |
| 23 years | $-10,018 |
| 25 years | $-9,807 |
Top Solar Installers in Raleigh
When switching to solar energy, many homeowners choose to hire a solar installation company since putting up a solar system yourself can be a time-consuming project. Plus, if you're unsure what kind of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Raleigh:
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 Raleigh
Factors that Affect Solar Panel Costs in Raleigh
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Raleigh: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand and kind of equipment you want for your solar system can increase or decrease 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 raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Raleigh, which can reduce, or in some cases completely 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 opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a part in determining the cost. Raleigh's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-quality, high-efficiency and high-price products — 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 decide on the company that offers 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 | $15,969 | 10.2 years |
| 8 kW | $2.59 | $14,508 | $21,577 | 10.1 years |
| 10 kW | $2.54 | $17,780 | $27,327 | 9.9 years |
| 12 kW | $2.49 | $20,909 | $33,219 | 9.7 years |
| 14 kW | $2.44 | $23,896 | $39,254 | 9.5 years |
| 16 kW | $2.39 | $26,741 | $45,430 | 9.3 years |
| 18 kW | $2.34 | $29,444 | $51,749 | 9.1 years |
| 20 kW | $2.29 | $32,004 | $58,210 | 8.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose greatly impacts 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:
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Solar Panel Brands: The brand of solar panel you need plays a role in which company you should opt for, since different companies provide different panels.
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 Raleigh, NC Solar Cost FAQs
What is the average cost of installing solar panels in Raleigh?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I 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 savings from going solar.
Does Raleigh have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How often do you have to replace solar panels?
Though 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 the amount of energy they produce 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.