Solar Panel Cost Guide in Wallace, NC (Nov 2022)

  • Wallace Solar Installation Cost: $12,144
  • 25-Year Savings: $21,491
  • Payback Period: 9.0 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Wallace

Let's have a look at the average cost of solar panels in Wallace.

The national average cost of solar panels is $2.66 per watt, but in Wallace it's $3 per watt. The average solar panel system size in Wallace is around 6.8 kilowatts, meaning a cost of about $12,144 for a solar installation, or $8,987 after the 30% federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what company you go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Wallace can save around $19,000 on their electricity bills over 20 years.

You can click the button below to get connected with a top solar installer in Wallace for a quote for your home.

Solar savings over time in Wallace

Year Return on Investment
1 years $-10,798
3 years $-8,108
5 years $-5,417
7 years $-2,726
9 years $-35
11 years $2,655
13 years $5,346
15 years $8,037
17 years $10,728
19 years $13,418
21 years $16,109
23 years $18,800
25 years $21,491

Top Solar Installers in Wallace

When going solar, many homeowners choose to use a solar installer since installing a solar system yourself can be a time-consuming project. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.

You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • 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

Although the average cost of solar panels in Wallace is $12,144, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to consider.

Solar Equipment

When it comes to estimating the cost of solar panels in Wallace, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by about $2,540 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Most solar installers in Wallace have solar loans, which reduce your upfront costs of installing solar. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

The solar installer you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Wallace, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to 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 down 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 $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

There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • 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 likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
  • Solar Panel Brands: The kind of solar panel you need to install plays a role in which installer you should choose, since different companies provide different panels.
  • Contract: When reading 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 such as a system part breaking or the company going out of business.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Wallace, NC Solar Cost FAQs

How much does it cost to install solar panels in Wallace?

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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Wallace?

Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback 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 way to go if you want to maximize your savings.

How will solar panels impact my property value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wallace is currently $100,567, which means you can look forward to a value of about $4,123 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Wallace is a fruitful investment.

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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.

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