Solar Panel Cost Guide in Spencer, NC (2023 Update)
- Spencer Solar Installation Cost: $12,215
- 25-Year Savings: $18,921
- Payback Period: 9.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Spencer
Find out how much it might cost to switch to solar power in Spencer.
The average cost of a solar panel system in Spencer is 2.54 per watt. Since a 6.9-kW system is needed to cover the energy consumption of a typical home in Spencer, the average price of going solar will be about $12,215 after claiming the federal solar tax credit of 30%.
The true price you pay can be above or below the average in Spencer based on several factors, such as the type of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a solid investment. The average homeowner in Spencer can save around $17,000 on their power bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-10,969 |
| 3 years | $-8,479 |
| 5 years | $-5,988 |
| 7 years | $-3,497 |
| 9 years | $-1,006 |
| 11 years | $1,485 |
| 13 years | $3,976 |
| 15 years | $6,466 |
| 17 years | $8,957 |
| 19 years | $11,448 |
| 21 years | $13,939 |
| 23 years | $16,430 |
| 25 years | $18,921 |
Top Solar Installers in Spencer
When switching to solar energy, many homeowners choose to use a solar installer since handling can be a time-consuming project. The expertise that solar companies offer can be valuable as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 Spencer
Factors that Affect Solar Panel Costs in Spencer
There are a number of criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need 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. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Spencer average.
Solar Financing Terms
Most solar installers in Spencer provide solar loans, which reduce your upfront costs of installing solar. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar panels can play a part in determining how much it costs. Spencer's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $16,096 | 10.2 years |
| 8 kW | $2.59 | $14,508 | $21,745 | 10.0 years |
| 10 kW | $2.54 | $17,780 | $27,537 | 9.8 years |
| 12 kW | $2.49 | $20,909 | $33,472 | 9.6 years |
| 14 kW | $2.44 | $23,896 | $39,548 | 9.4 years |
| 16 kW | $2.39 | $26,741 | $45,767 | 9.2 years |
| 18 kW | $2.34 | $29,444 | $52,128 | 9.0 years |
| 20 kW | $2.29 | $32,004 | $58,631 | 8.8 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Spencer, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The type of solar panel you want to install plays a role in which company you should choose, since different companies offer different panels.
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 Spencer, NC Solar Cost FAQs
What is the average cost of installing solar panels in Spencer?
The average cost of solar panels in Spencer 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Spencer?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $906.35 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.