Solar Panel Cost Guide in Raleigh, NC (Mar 2023)
- Raleigh Solar Installation Cost: $12,428
- 25-Year Savings: $19,123
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Raleigh
Let's have a look at the average cost of solar in Raleigh.
The national average cost of solar panels is $2.66 per watt, but in Raleigh it's 2.54 per watt. Since a 7.0-kW system is needed to cover the energy needs of a typical home in Raleigh, the average price of going solar will be about $12,428 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Raleigh homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the high upfront cost, the average Raleigh homeowner can save around $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar panel company in your area for a custom estimate.
Solar savings over time in Raleigh
| Year | Return on Investment |
|---|---|
| 1 years | $-11,166 |
| 3 years | $-8,642 |
| 5 years | $-6,118 |
| 7 years | $-3,594 |
| 9 years | $-1,070 |
| 11 years | $1,454 |
| 13 years | $3,978 |
| 15 years | $6,502 |
| 17 years | $9,026 |
| 19 years | $11,551 |
| 21 years | $14,075 |
| 23 years | $16,599 |
| 25 years | $19,123 |
Top Solar Installers in Raleigh
Trying to install solar panels yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
The cost of installing a solar system in Raleigh can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,540 per kilowatt in Raleigh. There are several different solar panel brands and the one you choose also affects the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Raleigh, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. 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
Lastly, the company you hire to install your solar panels can impact how much you pay. Raleigh's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Raleigh know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 kind of solar panels and the company you choose significantly 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Different companies have various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
How much does it cost to install solar panels in Raleigh?
The average cost of solar panels in Raleigh 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 such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Raleigh?
A solar panel system isn't free in Raleigh, 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.
Can solar panels completely eradicate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Raleigh, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.