Solar Panel Cost Guide in Siler City, NC (2023 Update)
- Siler City Solar Installation Cost: $12,322
- 25-Year Savings: $21,391
- Payback Period: 9.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Siler City
Let's have a look at the average cost of solar panels in Siler City.
The national average cost of solar panels is $2.66 per watt, but in Siler City it's 2.54 per watt. To account for the typical energy usage of the average home in Siler City, most homeowners require a 6.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,322, or $17,620 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you want, your solar contractor and more. Even with the high upfront cost, the average Siler City homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.
To receive a free estimate from a vetted solar installer in Siler City, you can click the button below.
Solar savings over time in Siler City
| Year | Return on Investment |
|---|---|
| 1 years | $-10,973 |
| 3 years | $-8,276 |
| 5 years | $-5,579 |
| 7 years | $-2,882 |
| 9 years | $-185 |
| 11 years | $2,512 |
| 13 years | $5,209 |
| 15 years | $7,906 |
| 17 years | $10,603 |
| 19 years | $13,300 |
| 21 years | $15,997 |
| 23 years | $18,694 |
| 25 years | $21,391 |
Top Solar Installers in Siler City
Many homeowners opt for a solar installation company since installing solar panels on your own can be hard. The expertise that solar companies offer can be helpful as well, especially if you don't quite know what kind of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Siler City
Factors that Affect Solar Panel Costs in Siler City
Even though the average cost of a solar system in Siler City is $12,322, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require 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. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Siler City, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
Many homeowners find the average cost of solar in Siler City to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest. However, the interest on solar loans also increases your total costs, so it's important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Siler City is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $18,112 | 9.5 years |
| 8 kW | $2.59 | $14,508 | $24,434 | 9.3 years |
| 10 kW | $2.54 | $17,780 | $30,898 | 9.1 years |
| 12 kW | $2.49 | $20,909 | $37,504 | 8.9 years |
| 14 kW | $2.44 | $23,896 | $44,252 | 8.8 years |
| 16 kW | $2.39 | $26,741 | $51,143 | 8.6 years |
| 18 kW | $2.34 | $29,444 | $58,176 | 8.4 years |
| 20 kW | $2.29 | $32,004 | $65,351 | 8.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Look through the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the project timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
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 Siler City, NC Solar Cost FAQs
What is the average cost of installing solar panels in Siler City?
The average cost of solar panels in Siler City 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.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Siler City?
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 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.