Solar Panel Cost Guide in Troy, NC (2023 Update)
- Troy Solar Installation Cost: $12,197
- 25-Year Savings: $20,103
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Troy
Let's take a look at the average cost of solar in Troy.
While the national average of solar panels is $2.66 per watt, solar panels in Troy generally cost about 2.54. Because a 6.9-kW system is needed to cover the energy costs of a typical home in Troy, the average price of going solar will be about $12,197 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar system you want, your solar contractor and more. With average savings of about $18,000 on power bills over 20 years, many homeowners in Troy find investing in solar has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Troy that can help you get a more accurate cost estimate for your home.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-10,905 |
| 3 years | $-8,321 |
| 5 years | $-5,737 |
| 7 years | $-3,153 |
| 9 years | $-569 |
| 11 years | $2,015 |
| 13 years | $4,599 |
| 15 years | $7,183 |
| 17 years | $9,767 |
| 19 years | $12,351 |
| 21 years | $14,935 |
| 23 years | $17,519 |
| 25 years | $20,103 |
Top Solar Installers in Troy
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be challenging. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Troy, 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
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,540. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Troy, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Troy, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the massive popularity of renewable energy solutions in Troy, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $17,168 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,175 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,324 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,616 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,049 | 9.1 years |
| 16 kW | $2.39 | $26,741 | $48,625 | 8.9 years |
| 18 kW | $2.34 | $29,444 | $55,344 | 8.7 years |
| 20 kW | $2.29 | $32,004 | $62,204 | 8.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: If you care about the durability of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading through your solar company'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: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
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 Troy, NC Solar Cost FAQs
How much does it cost to install solar panels in Troy?
The average cost of solar panels in Troy is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to consider when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will having solar panels impact the value of my home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt 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 many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.