Solar Panel Cost Guide in Smithfield, NC (2025 Update)
- Smithfield Solar Installation Cost: $17,148
- 25-Year Savings: $19,540
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Smithfield
We go over average solar pricing in Smithfield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Smithfield, the average cost of solar panels is 4 per watt.The average solar panel system size in Smithfield is around 7.0 kilowatts, meaning a cost of about $17,148 for a solar installation, or $24,522 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Smithfield homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Smithfield see about $17,000 in savings on energy bills over 20 years.
To get a free quote from a top solar installation company in Smithfield, you can click the button below.
Solar savings over time in Smithfield
Year | Return on Investment |
---|---|
1 years | $-15,677 |
3 years | $-12,735 |
5 years | $-9,793 |
7 years | $-6,851 |
9 years | $-3,908 |
11 years | $-966 |
13 years | $1,976 |
15 years | $4,918 |
17 years | $7,860 |
19 years | $10,803 |
21 years | $13,745 |
23 years | $16,687 |
25 years | $19,629 |
Top Solar Installers in Smithfield
When going solar, many homeowners prefer to hire a solar installation company since DIY solar panel installation can be a time-consuming project. Since solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're searching for a solar installer in Smithfield, the EcoWatch team has organized 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
See all of the solar companies in Smithfield
Factors that Affect Solar Panel Costs in Smithfield
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Smithfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Smithfield, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can determine by looking at past power bills. Your overall cost can increase by about $3,510 for each additional kilowatt you need.The brand of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Smithfield homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Smithfield, and each can charge varying amounts for labor and equipment.The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater 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 lower to compete with bigger names.
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 | $12,134 | 14.0 years |
8 kW | $3.58 | $20,049 | $16,572 | 13.7 years |
10 kW | $3.51 | $24,570 | $21,206 | 13.4 years |
12 kW | $3.44 | $28,894 | $26,037 | 13.2 years |
14 kW | $3.37 | $33,022 | $31,064 | 12.9 years |
16 kW | $3.30 | $36,953 | $36,289 | 12.6 years |
18 kW | $3.23 | $40,688 | $41,709 | 12.3 years |
20 kW | $3.16 | $44,226 | $47,326 | 12.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose greatly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Warranty: Warranties that cover defective panels and repairs over a couple decades 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
EcoWatch's Smithfield, NC Solar Cost FAQs
How much does it cost to install solar panels in Smithfield?
The average cost of solar panels in Smithfield is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How will solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Smithfield is currently $284,822, so you could be looking at a value of about $11,678 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Smithfield is a fruitful investment.
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 the amount of sunlight your roof gets. You can 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 buy 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.