Solar Panel Cost Guide in Wallace, NC (Mar 2023)
- Wallace Solar Installation Cost: $12,144
- 25-Year Savings: $21,491
- Payback Period: 9.0 Years
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Updated March 14, 2023
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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 2.54 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 $17,366 before 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 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 Wallace
Factors that Affect Solar Panel Costs in Wallace
Although the average cost of a solar system 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 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 Wallace, NC Solar Cost FAQs
What is the average cost of installing solar panels in Wallace?
The average cost of solar panels in Wallace 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 kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
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% after installing solar panels."
How long do solar panels last in Wallace?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.