Solar Panel Cost Guide in Wallace, NC (2023 Update)
- Wallace Solar Installation Cost: $12,147
- 25-Year Savings: $21,487
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wallace
We go over average solar pricing in Wallace.
In Wallace, solar panels cost about 2.54 per watt on average. Using this figure, a typical 6.8-kW system would cost about $12,144 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Wallace homeowner. 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. With average savings of about $19,000 on utility bills over 20 years, many homeowners in Wallace find investing in solar has a decent ROI.
Click the button below to get connected to a top solar panel company in your area for a customized estimate.
Solar savings over time in Wallace
| Year | Return on Investment |
|---|---|
| 1 years | $-12,035 |
| 3 years | $-11,811 |
| 5 years | $-11,586 |
| 7 years | $-11,362 |
| 9 years | $-11,138 |
| 11 years | $-10,914 |
| 13 years | $-10,689 |
| 15 years | $-10,465 |
| 17 years | $-10,241 |
| 19 years | $-10,017 |
| 21 years | $-9,793 |
| 23 years | $-9,568 |
| 25 years | $-9,344 |
Top Solar Installers in Wallace
Although it's possible to install solar panels by yourself, it involves extra labor and know-how. That's why the majority of homeowners choose a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our suggestions for providers 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 Wallace
Factors that Affect Solar Panel Costs in Wallace
For many Wallace 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 Wallace, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Wallace to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. While solar loans make switching to solar energy more accessible for Wallace homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Wallace is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fit into your budget.
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 | $18,444 | 9.4 years |
| 8 kW | $2.59 | $14,508 | $24,877 | 9.2 years |
| 10 kW | $2.54 | $17,780 | $31,452 | 9.0 years |
| 12 kW | $2.49 | $20,909 | $38,169 | 8.8 years |
| 14 kW | $2.44 | $23,896 | $45,028 | 8.7 years |
| 16 kW | $2.39 | $26,741 | $52,030 | 8.5 years |
| 18 kW | $2.34 | $29,444 | $59,174 | 8.3 years |
| 20 kW | $2.29 | $32,004 | $66,460 | 8.1 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- 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: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 Wallace, NC Solar Cost FAQs
What is the average cost of installing solar panels in Wallace?
This is a difficult question to answer precisely, because the cost depends on a few different 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Wallace?
You can't get solar panels for free in Wallace. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $984.64 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 consumption and the amount of 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 buy 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.