Solar Panel Cost Guide in Ranlo, NC (2023 Update)
- Ranlo Solar Installation Cost: $12,111
- 25-Year Savings: $20,948
- Payback Period: 9.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ranlo
Here's how much it might cost to install solar panels in Ranlo.
Although the national average of solar panels is $2.66 per watt, solar panels in Ranlo typically cost about 2.54. The average Ranlo homeowner needs a 6.8-kilowatt system, which would cost about $12,108 with the federal tax credit, or $17,314 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Ranlo
| Year | Return on Investment |
|---|---|
| 1 years | $-12,001 |
| 3 years | $-11,780 |
| 5 years | $-11,560 |
| 7 years | $-11,340 |
| 9 years | $-11,119 |
| 11 years | $-10,899 |
| 13 years | $-10,678 |
| 15 years | $-10,458 |
| 17 years | $-10,238 |
| 19 years | $-10,017 |
| 21 years | $-9,797 |
| 23 years | $-9,576 |
| 25 years | $-9,356 |
Top Solar Installers in Ranlo
Many homeowners opt for a solar installer since installing solar panels on your own can be challenging. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
If you're looking for a solar company in Ranlo, we've compiled a list of our top suggestions here:
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 Ranlo
Factors that Affect Solar Panel Costs in Ranlo
Although the average cost of a solar system in Ranlo is $12,108, your final cost may differ. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar energy system in Ranlo, one of the most important 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 power bills. Your total cost can increase by about $2,540 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Ranlo homeowners choose to finance their solar panel systems to make paying for solar more affordable. Even though solar loans make switching to solar energy more accessible for Ranlo homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies operating in Ranlo, and each can charge varying amounts for labor and equipment. Additionally, some companies in Ranlo know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $18,025 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,318 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $30,753 | 9.2 years |
| 12 kW | $2.49 | $20,909 | $37,330 | 9.0 years |
| 14 kW | $2.44 | $23,896 | $44,050 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $50,912 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $57,916 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,062 | 8.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Ranlo, NC Solar Cost FAQs
How much does it cost to install solar panels in Ranlo?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Ranlo?
Solar panels aren't free in Ranlo, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Ranlo?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.