Solar Panel Cost Guide in Silver Lake, NC (2024 Update)
- Silver Lake Solar Installation Cost: $15,655
- 25-Year Savings: $22,060
- Payback Period: 11.7 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Silver Lake
Let’s take a look at the average cost of solar panels in Silver Lake.
The national average cost of solar panels is $2.66 per watt, but in Silver Lake it’s 4 per watt.The average Silver Lake homeowner needs a 6.4-kilowatt system, which would cost about $15,655 with the federal tax credit, or $22,387 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Silver Lake depending on several factors, such as the brand of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a rewarding investment. The average homeowner in Silver Lake can save about $20,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Silver Lake for a quote for your home.
Solar savings over time in Silver Lake
Year | Return on Investment |
---|---|
1 years | $-14,184 |
3 years | $-11,242 |
5 years | $-8,300 |
7 years | $-5,358 |
9 years | $-2,416 |
11 years | $527 |
13 years | $3,469 |
15 years | $6,411 |
17 years | $9,353 |
19 years | $12,295 |
21 years | $15,238 |
23 years | $18,180 |
25 years | $21,122 |
Top Solar Installers in Silver Lake
When making the switch to solar, many homeowners opt to use a solar installer since handling can be a difficult project. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Silver Lake
Factors that Affect Solar Panel Costs in Silver Lake
The cost of installing a solar system in Silver Lake can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Silver Lake, where sunlight is 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
If paying for solar panels in cash is too expensive, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average.When estimating 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 reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies operating in Silver Lake, and each can charge different amounts for labor and equipment.Additionally, some companies in Silver Lake are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.65 | $15,332 | $16,109 | 12.2 years |
8 kW | $3.58 | $20,049 | $21,872 | 12.0 years |
10 kW | $3.51 | $24,570 | $27,831 | 11.7 years |
12 kW | $3.44 | $28,894 | $33,987 | 11.5 years |
14 kW | $3.37 | $33,022 | $40,339 | 11.3 years |
16 kW | $3.30 | $36,953 | $46,889 | 11.0 years |
18 kW | $3.23 | $40,688 | $53,634 | 10.8 years |
20 kW | $3.16 | $44,226 | $60,576 | 10.5 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on 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:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Look through the contract terms closely to make sure you understand the total cost, project timeline incentives and warranties.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Silver Lake, NC Solar Cost FAQs
How much does it cost to install solar panels in Silver Lake?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 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 above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Silver Lake?
A solar panel system isn’t free in Silver Lake, but there are some options that can make getting them more viable, 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 electricity bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Silver Lake, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.