Solar Panel Cost Guide in Smithfield, NC (2023 Update)
- Smithfield Solar Installation Cost: $12,410
- 25-Year Savings: $19,538
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Smithfield
Find out how much it might cost to install solar panels in Smithfield.
The average cost of a solar panel system in Smithfield is 2.54 per watt. The average solar panel system size in Smithfield is around 7.0 kilowatts, meaning a cost of about $12,410 for a solar installation, or $17,746 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a rewarding investment. The average homeowner in Smithfield can save around $17,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Smithfield for a customized estimate.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-11,132 |
| 3 years | $-8,577 |
| 5 years | $-6,021 |
| 7 years | $-3,465 |
| 9 years | $-909 |
| 11 years | $1,647 |
| 13 years | $4,203 |
| 15 years | $6,759 |
| 17 years | $9,315 |
| 19 years | $11,871 |
| 21 years | $14,427 |
| 23 years | $16,982 |
| 25 years | $19,538 |
Top Solar Installers in Smithfield
Installing solar panels by yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers provide can be useful as well, particularly if you aren't sure what type of solar equipment you need.
If you're looking for a solar company in Smithfield, the EcoWatch team has put together a list of our top suggestions here:
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 Smithfield
Factors that Affect Solar Panel Costs in Smithfield
While the average cost of a solar system in Smithfield is $12,410, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Smithfield, one of the most crucial 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 energy bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Smithfield, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. Though solar loans make adopting solar energy more accessible for Smithfield homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Smithfield, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $16,371 | 10.1 years |
| 8 kW | $2.59 | $14,508 | $22,112 | 9.9 years |
| 10 kW | $2.54 | $17,780 | $27,996 | 9.7 years |
| 12 kW | $2.49 | $20,909 | $34,022 | 9.5 years |
| 14 kW | $2.44 | $23,896 | $40,190 | 9.3 years |
| 16 kW | $2.39 | $26,741 | $46,501 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $52,953 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $59,548 | 8.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
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 Smithfield, NC Solar Cost FAQs
What is the average cost of installing solar panels in Smithfield?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Smithfield?
You can't get solar panels for free in Smithfield. However, you may still be able to get 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.
Can you sell solar power back to the grid in Smithfield?
Each state has some kind 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 often do you have to replace solar panels?
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 higher 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.