Solar Panel Cost Guide in Red Springs, NC (Mar 2023)
- Red Springs Solar Installation Cost: $12,144
- 25-Year Savings: $19,708
- Payback Period: 9.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Red Springs
We break down average solar pricing in Red Springs.
In Red Springs, solar panels cost about 2.54 per watt on average. To cover the typical energy needs of the average home in Red Springs, most homeowners require a 6.8-kilowatt system. Using the figure above, a solar installation costs around $12,144, or $17,366 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Red Springs homeowner. 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. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Red Springs for a custom quote.
Solar savings over time in Red Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-10,870 |
| 3 years | $-8,322 |
| 5 years | $-5,773 |
| 7 years | $-3,225 |
| 9 years | $-677 |
| 11 years | $1,871 |
| 13 years | $4,419 |
| 15 years | $6,967 |
| 17 years | $9,515 |
| 19 years | $12,063 |
| 21 years | $14,611 |
| 23 years | $17,159 |
| 25 years | $19,708 |
Top Solar Installers in Red Springs
Trying to put up solar panels yourself can be a time-consuming undertaking, which is why using a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be helpful as well, especially if you don't quite know what type of solar equipment you need.
If you'd like to start using solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers near you:
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 Red Springs
Factors that Affect Solar Panel Costs in Red Springs
There are a number of criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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 solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Red Springs average.
Solar Financing Terms
Many homeowners find the average cost of solar in Red Springs to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Red Springs is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that offer a range of services at different price points. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average 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 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 | $16,877 | 9.9 years |
| 8 kW | $2.59 | $14,508 | $22,787 | 9.7 years |
| 10 kW | $2.54 | $17,780 | $28,839 | 9.5 years |
| 12 kW | $2.49 | $20,909 | $35,034 | 9.3 years |
| 14 kW | $2.44 | $23,896 | $41,371 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,850 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $54,471 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $61,234 | 8.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: If you care about the endurance of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Red Springs, NC Solar Cost FAQs
What is the average cost of installing solar panels in Red Springs?
The average cost of solar panels in Red Springs 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Red Springs?
Solar panels aren't free in Red Springs, 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 can help lower the cost.
Is making the switch to solar worth it?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Even 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 choose 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.