Solar Panel Cost Guide in Waxhaw, NC (2023 Update)
- Waxhaw Solar Installation Cost: $16,657
- 25-Year Savings: $16,396
- Payback Period: 12.4 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Waxhaw
Let’s take a look at the average cost of solar in Waxhaw.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Waxhaw, the average cost of a solar system is 4 per watt.The average solar panel system size in Waxhaw is around 6.8 kilowatts, meaning a cost of about $16,657 for a solar installation, or $23,820 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Waxhaw 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.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $19,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar company in your area for a customized estimate.
Solar savings over time in Waxhaw
| Year | Return on Investment |
|---|---|
| 1 years | $-15,335 |
| 3 years | $-12,691 |
| 5 years | $-10,047 |
| 7 years | $-7,403 |
| 9 years | $-4,758 |
| 11 years | $-2,114 |
| 13 years | $530 |
| 15 years | $3,174 |
| 17 years | $5,819 |
| 19 years | $8,463 |
| 21 years | $11,107 |
| 23 years | $13,751 |
| 25 years | $16,396 |
Top Solar Installers in Waxhaw
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar panel installer can make switching to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar contractor too, which can save you more money after your initial investment.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Waxhaw
Factors that Affect Solar Panel Costs in Waxhaw
The cost of installing a solar system in Waxhaw can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The type of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Waxhaw to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the massive popularity of green energy solutions in Waxhaw, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Waxhaw have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.65 | $15,332 | $14,311 | 12.9 years |
| 8 kW | $3.58 | $20,049 | $19,475 | 12.7 years |
| 10 kW | $3.51 | $24,570 | $24,835 | 12.4 years |
| 12 kW | $3.44 | $28,894 | $30,392 | 12.2 years |
| 14 kW | $3.37 | $33,022 | $36,145 | 11.9 years |
| 16 kW | $3.30 | $36,953 | $42,095 | 11.7 years |
| 18 kW | $3.23 | $40,688 | $48,241 | 11.4 years |
| 20 kW | $3.16 | $44,226 | $54,584 | 11.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- 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.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
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 Waxhaw, NC Solar Cost FAQs
What is the average cost of installing solar panels in Waxhaw?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Waxhaw?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Waxhaw?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.