Solar Panel Cost Guide in Waxhaw, NC (Oct 2022)

  • Waxhaw Solar Installation Cost: $12,055
  • 25-Year Savings: $21,440
  • Payback Period: 9.0 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Waxhaw

We break down average solar pricing in Waxhaw.

In Waxhaw, solar panels cost about $3 per watt on average. To cover the typical energy needs of the average home in Waxhaw, most homeowners require a 6.8-kilowatt system. Using the figure above, a solar installation costs around $12,055, or $8,921 after the federal solar tax credit of 30% is applied.

The true cost of your system can go higher or lower than the average in Waxhaw depending on several factors, such as the type of solar panels you choose and the solar installer you hire. With typical savings of about $19,000 on utility bills over 20 years, many homeowners in Waxhaw find going solar can pay off big.

To calculate your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Waxhaw

Year Return on Investment
1 years $-10,715
3 years $-8,035
5 years $-5,356
7 years $-2,676
9 years $3
11 years $2,683
13 years $5,362
15 years $8,042
17 years $10,722
19 years $13,401
21 years $16,081
23 years $18,760
25 years $21,440

Top Solar Installers in Waxhaw

Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a lot of work. Plus, if you aren't sure what type of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.

If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers in Waxhaw:

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 Waxhaw

Factors that Affect Solar Panel Costs in Waxhaw

While the average cost of solar panels in Waxhaw is $12,055, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.

Solar Equipment Size

The size of the solar energy system you need for your home is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,540. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Waxhaw, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Waxhaw to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to higher prices over time due to interest. You'll have to consider the long-term cost of financing options, 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

The solar company you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar panel companies in Waxhaw, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

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 $18,548 9.4 years
8 kW $2.59 $14,508 $25,016 9.2 years
10 kW $2.54 $17,780 $31,625 9.0 years
12 kW $2.49 $20,909 $38,377 8.8 years
14 kW $2.44 $23,896 $45,271 8.6 years
16 kW $2.39 $26,741 $52,307 8.5 years
18 kW $2.34 $29,444 $59,485 8.3 years
20 kW $2.29 $32,004 $66,806 8.1 years

Solar Incentives in Waxhaw

Name Duke Energy - NC Solar Rebate Program
Website Visit here
More Info Click here

Name Property Tax Abatement for Solar Electric Systems
More Info Click here

Name Active Solar Heating and Cooling Systems Exemption
More Info Click here

Name EnergyUnited (Electric) Residential Energy Efficiency Program
Website Visit here
More Info Click here

Name Duke Energy (Electric) - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name NC GreenPower Production Incentive
Website Visit here
More Info Click here

Name Local Option - Financing Program for Renewable Energy and Energy Efficiency
Incentive Amount
More Info Click here

Name Local Option - Green Building Incentives
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

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 decide on the right company for you, here are some tips to keep in mind:

  • Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
  • Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.

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 Waxhaw, NC Solar Cost FAQs

What is the average cost of installing solar panels in Waxhaw?

The average cost of solar panels in Waxhaw is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors 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 Waxhaw?

Leasing solar panels can be an appealing choice, as it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.

Is making the switch to solar worth it?

Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.

How long do solar panels last in Waxhaw?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

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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