Solar Panel Cost Guide in Wingate, NC (2023 Update)
- Wingate Solar Installation Cost: $12,054
- 25-Year Savings: $21,438
- Payback Period: 9.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wingate
Let's have a look at the average cost of solar panels in Wingate.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wingate, the average cost of a solar system is 2.54 per watt. Because a 6.8-kW system is needed to cover the energy needs of a typical home in Wingate, the average price of going solar will be about $12,055 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary quite a bit depending on several factors, such as what size system you need, your energy consumption and what installation company you go with. Even with the high initial cost, the average Wingate homeowner can save about $19,000 on their power bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar installer in Wingate for a quote for your home.
Solar savings over time in Wingate
| Year | Return on Investment |
|---|---|
| 1 years | $-10,732 |
| 3 years | $-8,088 |
| 5 years | $-5,443 |
| 7 years | $-2,799 |
| 9 years | $-155 |
| 11 years | $2,489 |
| 13 years | $5,134 |
| 15 years | $7,778 |
| 17 years | $10,422 |
| 19 years | $13,066 |
| 21 years | $15,711 |
| 23 years | $18,355 |
| 25 years | $20,999 |
Top Solar Installers in Wingate
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make your swap to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Wingate
Factors that Affect Solar Panel Costs in Wingate
Although the average cost of a solar system in Wingate is $12,055, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,540. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Wingate, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Most solar installers in Wingate provide solar loans, which reduce your upfront costs of installing solar panels. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can affect the cost. Wingate's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $18,546 | 9.4 years |
| 8 kW | $2.59 | $14,508 | $25,012 | 9.2 years |
| 10 kW | $2.54 | $17,780 | $31,620 | 9.0 years |
| 12 kW | $2.49 | $20,909 | $38,371 | 8.8 years |
| 14 kW | $2.44 | $23,896 | $45,264 | 8.6 years |
| 16 kW | $2.39 | $26,741 | $52,300 | 8.5 years |
| 18 kW | $2.34 | $29,444 | $59,477 | 8.3 years |
| 20 kW | $2.29 | $32,004 | $66,797 | 8.1 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
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 Wingate, NC Solar Cost FAQs
What is the average cost of installing solar panels in Wingate?
This is a difficult question to answer precisely, because the cost depends on a few different 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, 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 Wingate?
Leasing solar panels can be an option if you can't pay upfront or get 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 financial benefits from going solar.
How will solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Wingate is currently $144,500, which means you can look forward to a value of about $5,924 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Wingate is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last 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.