Solar Panel Cost Guide in Winston-Salem, NC (2023 Update)
- Winston-Salem Solar Installation Cost: $12,401
- 25-Year Savings: $19,753
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Winston-Salem
See how much it might cost to make the switch to solar in Winston-Salem.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Winston-Salem, the typical cost of a solar system is 2.54 per watt. To account for the typical energy needs of the average home in Winston-Salem, most homeowners require a 7.0-kilowatt system. Using the figure above, a solar installation costs about $12,393, or $17,722 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and your own solar costs will most likely look different based on factors unique to your home and what company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Winston-Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-11,079 |
| 3 years | $-8,435 |
| 5 years | $-5,791 |
| 7 years | $-3,146 |
| 9 years | $-502 |
| 11 years | $2,142 |
| 13 years | $4,786 |
| 15 years | $7,431 |
| 17 years | $10,075 |
| 19 years | $12,719 |
| 21 years | $15,363 |
| 23 years | $18,008 |
| 25 years | $20,652 |
Top Solar Installers in Winston-Salem
Many homeowners choose to use a solar installation company since figuring out how to install solar panels yourself can be challenging. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your home.
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 Winston-Salem
Factors that Affect Solar Panel Costs in Winston-Salem
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Winston-Salem: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,540 per kilowatt in Winston-Salem. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Winston-Salem provide solar loans, which reduce the initial cost of installing solar panels. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can influence how much you pay. Winston-Salem's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $16,565 | 10.0 years |
| 8 kW | $2.59 | $14,508 | $22,372 | 9.8 years |
| 10 kW | $2.54 | $17,780 | $28,320 | 9.6 years |
| 12 kW | $2.49 | $20,909 | $34,411 | 9.4 years |
| 14 kW | $2.44 | $23,896 | $40,644 | 9.3 years |
| 16 kW | $2.39 | $26,741 | $47,019 | 9.1 years |
| 18 kW | $2.34 | $29,444 | $53,537 | 8.9 years |
| 20 kW | $2.29 | $32,004 | $60,197 | 8.7 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:
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
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 Winston-Salem, NC Solar Cost FAQs
How much does it cost to install solar panels in Winston-Salem?
The average cost of solar panels in Winston-Salem 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 things like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Winston-Salem?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to 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 bang for your buck from going solar.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $922.01 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to 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.