Solar Panel Cost Guide in Selma, NC (2023 Update)
- Selma Solar Installation Cost: $12,410
- 25-Year Savings: $19,931
- Payback Period: 9.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Selma
Let's take a look at the average cost of solar in Selma.
In Selma, solar panels cost about 2.54 per watt on average. To account for the typical energy needs of the average home in Selma, most homeowners require a 7.0-kilowatt system. Using the figure above, a solar installation costs around $12,410, or $17,746 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Selma
| Year | Return on Investment |
|---|---|
| 1 years | $-11,117 |
| 3 years | $-8,530 |
| 5 years | $-5,942 |
| 7 years | $-3,355 |
| 9 years | $-768 |
| 11 years | $1,820 |
| 13 years | $4,407 |
| 15 years | $6,994 |
| 17 years | $9,581 |
| 19 years | $12,169 |
| 21 years | $14,756 |
| 23 years | $17,343 |
| 25 years | $19,931 |
Top Solar Installers in Selma
When switching to solar energy, many homeowners choose to hire a solar installation company since putting up a solar system yourself can be a difficult project. The expertise that solar installers offer can be invaluable as well, especially if you aren't sure what kind of solar equipment you need.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Selma
Factors that Affect Solar Panel Costs in Selma
There are several factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Selma, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Selma homeowners opt to finance their solar panel systems to make paying for solar more affordable. Although solar loans make switching to solar energy more accessible for Selma homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can impact your pricing. Selma's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $16,708 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,562 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,558 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,697 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,977 | 9.2 years |
| 16 kW | $2.39 | $26,741 | $47,400 | 9.0 years |
| 18 kW | $2.34 | $29,444 | $53,965 | 8.8 years |
| 20 kW | $2.29 | $32,004 | $60,672 | 8.6 years |
How to Save on Solar Panels
There are many companies available in Selma, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
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 Selma, NC Solar Cost FAQs
What is the average cost of installing solar panels in Selma?
This is a tough question to answer exactly, because the cost depends on many 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Selma?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Selma?
Although 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 after having them for that long or you can continue to use 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.