Solar Panel Cost Guide in Wake Forest, NC (Mar 2023)
- Wake Forest Solar Installation Cost: $12,482
- 25-Year Savings: $20,763
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wake Forest
See how much it might cost to switch to solar power in Wake Forest.
The average cost of a solar system in Wake Forest is 2.54 per watt. The average solar panel system size in Wake Forest is around 7.0 kilowatts, meaning a cost of about $12,482 for a solar installation, or $17,849 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of solar panels you choose, your solar contractor and more. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Wake Forest can save around $18,000 on their electricity bills over 20 years.
Click the button below to get connected to a top solar company in your area for a customized estimate.
Solar savings over time in Wake Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-11,152 |
| 3 years | $-8,492 |
| 5 years | $-5,833 |
| 7 years | $-3,173 |
| 9 years | $-514 |
| 11 years | $2,146 |
| 13 years | $4,805 |
| 15 years | $7,465 |
| 17 years | $10,125 |
| 19 years | $12,784 |
| 21 years | $15,444 |
| 23 years | $18,103 |
| 25 years | $20,763 |
Top Solar Installers in Wake Forest
Although it's possible to install solar panels on your own, it requires extra time and know-how. That's one of the reasons the majority of homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you pick which one will be best for your home.
If you'd like to go solar but still aren't certain which solar system company to go with, here are our suggestions for providers in Wake Forest:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
There are many factors that can affect your solar panel 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 key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,540. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Wake Forest, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. While solar loans make adopting solar energy more accessible for Wake Forest homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Wake Forest, you'll have many options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of 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 promotion can bring their pricing lower to compete with bigger 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 | $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 many companies to choose from in Wake Forest, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 things such as 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?
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 keep in mind are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Wake Forest, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs 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.