Solar Panel Cost Guide in Silver Lake, NC (2023 Update)
- Silver Lake Solar Installation Cost: $11,326
- 25-Year Savings: $22,063
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Silver Lake
We break down average solar pricing in Silver Lake.
The average cost of a solar system in Silver Lake is 2.54 per watt. Using this figure, a typical 6.4-kW system would cost about $11,326 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 Silver Lake homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Silver Lake can save about $20,000 on their electricity bills over 20 years.
To receive a free estimate from a pre-vetted solar installer in Silver Lake, you can click the button below.
Solar savings over time in Silver Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-9,990 |
| 3 years | $-7,319 |
| 5 years | $-4,648 |
| 7 years | $-1,977 |
| 9 years | $694 |
| 11 years | $3,365 |
| 13 years | $6,036 |
| 15 years | $8,708 |
| 17 years | $11,379 |
| 19 years | $14,050 |
| 21 years | $16,721 |
| 23 years | $19,392 |
| 25 years | $22,063 |
Top Solar Installers in Silver Lake
When going solar, many homeowners decide to go with a solar installer since DIY solar panel installation can be a difficult project. Plus, if you're not certain what brand of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our suggestions for providers nearby:
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
There are a number of criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Silver Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. The brand and kind of equipment you want 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Silver Lake, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Silver Lake homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Silver Lake, 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 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 help you save 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 | $20,346 | 8.8 years |
| 8 kW | $2.59 | $14,508 | $27,412 | 8.7 years |
| 10 kW | $2.54 | $17,780 | $34,621 | 8.5 years |
| 12 kW | $2.49 | $20,909 | $41,972 | 8.3 years |
| 14 kW | $2.44 | $23,896 | $49,465 | 8.1 years |
| 16 kW | $2.39 | $26,741 | $57,101 | 8.0 years |
| 18 kW | $2.34 | $29,444 | $64,878 | 7.8 years |
| 20 kW | $2.29 | $32,004 | $72,798 | 7.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Silver Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a good company.
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
What is the average cost of installing solar panels in Silver Lake?
The average cost of solar panels in Silver Lake is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Silver Lake?
You can't get solar panels for free in Silver Lake. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Silver Lake is currently $222,100, which means you can look forward to a value of about $9,106 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Silver Lake is a rewarding investment.
How long do solar panels last in Silver Lake?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production 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.