Solar Panel Cost Guide in Waxhaw, NC (2023 Update)
- Waxhaw Solar Installation Cost: $12,055
- 25-Year Savings: $21,440
- Payback Period: 9.0 Years
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Updated March 14, 2023
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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 2.54 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 $17,239 before 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 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 Waxhaw
Factors that Affect Solar Panel Costs in Waxhaw
While the average cost of a solar system 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
The size of the solar energy system you need for your home, which is measured in kilowatts, 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 |
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 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 Waxhaw, NC Solar Cost FAQs
What is the average cost of installing solar panels in Waxhaw?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I 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 property 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 savings from going solar.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 cover 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.