Solar Panel Cost Guide in Seven Lakes, NC (Mar 2023)
- Seven Lakes Solar Installation Cost: $12,286
- 25-Year Savings: $23,163
- Payback Period: 8.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Seven Lakes
Let's take a look at the average cost of solar panels in Seven Lakes.
The national average cost of solar panels is $2.66 per watt, but in Seven Lakes it's 2.54 per watt. The average Seven Lakes homeowner needs a 6.9-kilowatt system, which would cost about $12,286 with the federal tax credit, or $17,569 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar system you choose, your solar contractor and more. For many homeowners, the upfront cost of solar is worth paying. On average Seven Lakes homeowners see about $19,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a customized quote.
Solar savings over time in Seven Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-10,868 |
| 3 years | $-8,032 |
| 5 years | $-5,196 |
| 7 years | $-2,360 |
| 9 years | $475 |
| 11 years | $3,311 |
| 13 years | $6,147 |
| 15 years | $8,983 |
| 17 years | $11,819 |
| 19 years | $14,655 |
| 21 years | $17,491 |
| 23 years | $20,327 |
| 25 years | $23,163 |
Top Solar Installers in Seven Lakes
Putting up solar panels yourself can be a difficult project, which is why using a solar installation company is a good option for many homeowners. In addition, if you'd like to maximize your investment in solar power, going with a solar company can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
If you'd like to go solar but still aren't certain which solar panel installer 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 Seven Lakes
Factors that Affect Solar Panel Costs in Seven Lakes
There are many criteria that can determine 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
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Seven Lakes, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Seven Lakes know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $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 installer you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
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 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 type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Seven Lakes?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 bang for your buck from going solar.
Does Seven Lakes have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
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 goes down 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.