Solar Panel Cost Guide in River Bend, NC (2023 Update)
- River Bend Solar Installation Cost: $12,144
- 25-Year Savings: $19,540
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in River Bend
Here's how much it might cost to make the switch to solar in River Bend.
The national average cost of solar panels is $2.66 per watt, but in River Bend it's 2.54 per watt. To account for the typical energy needs of the average home in River Bend, most homeowners require a 6.8-kilowatt system. Using the figure above, a solar installation costs about $12,144, or $17,366 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average River Bend homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar installer in River Bend that can help you get a more accurate cost estimate for your home.
Solar savings over time in River Bend
| Year | Return on Investment |
|---|---|
| 1 years | $-10,673 |
| 3 years | $-7,731 |
| 5 years | $-4,788 |
| 7 years | $-1,846 |
| 9 years | $1,096 |
| 11 years | $4,038 |
| 13 years | $6,980 |
| 15 years | $9,923 |
| 17 years | $12,865 |
| 19 years | $15,807 |
| 21 years | $18,749 |
| 23 years | $21,691 |
| 25 years | $24,633 |
Top Solar Installers in River Bend
Although you can install solar panels yourself, it requires extra labor and expertise. For that reason, almost all homeowners choose to go with a solar panel installer. Another good thing about going with a reliable solar installer is that it'll likely provide warranties and free repairs, which help protect your investment.
If you're on the hunt for a solar company in River Bend, we've put together 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 River Bend
Factors that Affect Solar Panel Costs in River Bend
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in River Bend: solar equipment and system size, financing options and the solar installation company you choose. We'll go over 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 major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like River Bend, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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 original 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
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in River Bend, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $16,738 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,602 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,608 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,757 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $41,047 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,480 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $54,055 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,772 | 8.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed 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
EcoWatch's River Bend, NC Solar Cost FAQs
What is the average cost of installing solar panels in River Bend?
The average cost of solar panels in River Bend is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in River Bend?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power 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 generally 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.