Solar Panel Cost Guide in Wake Forest, NC (2023 Update)
- Wake Forest Solar Installation Cost: $12,486
- 25-Year Savings: $20,759
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wake Forest
Here's how much it might cost to go solar in Wake Forest.
The average cost of a solar panel system in Wake Forest is 2.54 per watt. To cover the typical energy needs of the average home in Wake Forest, most homeowners require a 7.0-kilowatt system. Using the figure above, a solar installation costs around $12,482, or $17,849 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 Wake Forest homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Despite the large upfront cost, the average Wake Forest homeowner can save about $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a pre-vetted solar company in Wake Forest that can help you get a more accurate cost estimate for your home.
Solar savings over time in Wake Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-12,375 |
| 3 years | $-12,153 |
| 5 years | $-11,932 |
| 7 years | $-11,710 |
| 9 years | $-11,488 |
| 11 years | $-11,267 |
| 13 years | $-11,045 |
| 15 years | $-10,823 |
| 17 years | $-10,602 |
| 19 years | $-10,380 |
| 21 years | $-10,159 |
| 23 years | $-9,937 |
| 25 years | $-9,715 |
Top Solar Installers in Wake Forest
Although it's possible to install solar panels on your own, it takes extra time and knowledge. That's one of the reasons most people choose a solar panel installer. The expertise that solar companies offer can be valuable as well, especially if you aren't sure what kind of solar equipment you need.
If you're looking for a solar company in Wake Forest, 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
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 Wake Forest
Factors that Affect Solar Panel Costs in Wake Forest
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Wake Forest: 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 price of solar panels in Wake Forest, one of the most crucial 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 consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,540 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. In many cases, the brands that are more efficient tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Wake Forest homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Wake Forest, and each can charge different amounts for labor and equipment. Additionally, some companies in Wake Forest are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $17,310 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,364 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,561 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,899 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,380 | 9.0 years |
| 16 kW | $2.39 | $26,741 | $49,004 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $55,769 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $62,677 | 8.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies have different brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
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 Wake Forest, NC Solar Cost FAQs
What is the average cost of installing solar panels in Wake Forest?
The average cost of solar panels in Wake Forest 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 like the type 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 Wake Forest?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on electricity bills after installing solar panels?
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 $946.81 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 install 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.