Solar Panel Cost Guide in Seven Lakes, NC (2023 Update)
- Seven Lakes Solar Installation Cost: $12,284
- 25-Year Savings: $23,165
- Payback Period: 8.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Seven Lakes
Let's take a look at the average cost of solar in Seven Lakes.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Seven Lakes, the average cost of solar panels is 2.54 per watt. The average solar panel system size in Seven Lakes is around 6.9 kilowatts, meaning a cost of about $12,286 for a solar installation, or $17,569 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Seven Lakes homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Despite the significant upfront cost, the average Seven Lakes homeowner can save about $19,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Seven Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-12,165 |
| 3 years | $-11,929 |
| 5 years | $-11,693 |
| 7 years | $-11,457 |
| 9 years | $-11,220 |
| 11 years | $-10,984 |
| 13 years | $-10,748 |
| 15 years | $-10,511 |
| 17 years | $-10,275 |
| 19 years | $-10,039 |
| 21 years | $-9,802 |
| 23 years | $-9,566 |
| 25 years | $-9,330 |
Top Solar Installers in Seven Lakes
Although it's possible to install solar panels by yourself, it involves extra labor and expertise. That's one of the reasons most homeowners choose a solar panel installer. Another benefit of utilizing a solar installer is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Seven Lakes:
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 Seven Lakes
Factors that Affect Solar Panel Costs in Seven Lakes
There are a number of factors that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important 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 pay around $2,540 per kilowatt in Seven Lakes. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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. Additionally, add-on products, such as solar batteries, can bring your total well above the Seven Lakes average.
Solar Financing Terms
Many homeowners find the average cost of solar in Seven Lakes to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can play a part in determining the cost. Seven Lakes' solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $19,691 | 9.0 years |
| 8 kW | $2.59 | $14,508 | $26,539 | 8.8 years |
| 10 kW | $2.54 | $17,780 | $33,530 | 8.7 years |
| 12 kW | $2.49 | $20,909 | $40,662 | 8.5 years |
| 14 kW | $2.44 | $23,896 | $47,937 | 8.3 years |
| 16 kW | $2.39 | $26,741 | $55,354 | 8.1 years |
| 18 kW | $2.34 | $29,444 | $62,914 | 8.0 years |
| 20 kW | $2.29 | $32,004 | $70,615 | 7.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
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 Seven Lakes, NC Solar Cost FAQs
How much does it cost to install solar panels in Seven Lakes?
The average cost of solar panels in Seven Lakes 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.
Can you get solar panels for free in Seven Lakes?
Solar panels aren't free in Seven Lakes, 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 further reduce the cost.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,026.19 per year.
How long do solar panels last in Seven Lakes?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.