Solar Panel Cost Guide in Spring Lake, NC (2023 Update)
- Spring Lake Solar Installation Cost: $12,268
- 25-Year Savings: $20,629
- Payback Period: 9.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Spring Lake
Here's how much it might cost to go solar in Spring Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Spring Lake typically cost around 2.54. To account for the typical energy needs of the average home in Spring Lake, most homeowners require a 6.9-kilowatt system. Using the figure above, a solar installation costs around $12,268, or $17,543 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Spring 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. Despite the large upfront cost, the average Spring Lake homeowner can save about $18,000 on their power bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a top solar company in your area for a personalized quote.
Solar savings over time in Spring Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-10,952 |
| 3 years | $-8,321 |
| 5 years | $-5,689 |
| 7 years | $-3,057 |
| 9 years | $-425 |
| 11 years | $2,207 |
| 13 years | $4,838 |
| 15 years | $7,470 |
| 17 years | $10,102 |
| 19 years | $12,734 |
| 21 years | $15,365 |
| 23 years | $17,997 |
| 25 years | $20,629 |
Top Solar Installers in Spring Lake
Although it's possible to install solar panels on your own, it requires extra time and handiness. That's why the majority of homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some 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 Spring Lake
Factors that Affect Solar Panel Costs in Spring Lake
For many Spring Lake homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Spring Lake, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Spring Lake offer solar loans, which reduce the initial cost of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can play a role in determining how much it costs. Spring Lake's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Spring Lake know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $17,514 | 9.7 years |
| 8 kW | $2.59 | $14,508 | $23,636 | 9.5 years |
| 10 kW | $2.54 | $17,780 | $29,901 | 9.3 years |
| 12 kW | $2.49 | $20,909 | $36,308 | 9.1 years |
| 14 kW | $2.44 | $23,896 | $42,857 | 8.9 years |
| 16 kW | $2.39 | $26,741 | $49,548 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $56,382 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $63,357 | 8.4 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: The brand of solar panel you want plays a part in which company you should choose, since different companies provide different panels.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable 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 research your installer's reputation is by reading reviews.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one mark 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 Spring Lake, NC Solar Cost FAQs
How much does it cost to install solar panels in Spring Lake?
This is a hard question to answer exactly, because the cost depends on many factors. Generally 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 cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact the value of my home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 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.