Solar Panel Cost Guide in Winston Salem, NC (Sep 2022)

  • Winston Salem Solar Installation Cost: $12,393
  • 25-Year Savings: $19,762
  • Payback Period: 9.6 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 Winston Salem

Let's take a look at the average cost of solar panels in Winston Salem.

In Winston Salem, solar panels cost about $3 per watt on average. Using this figure, a typical 7.0 would cost about $12,393 before the 30% federal solar tax credit is applied.

Keep in mind that the figures above are only estimates based on the average energy use of Winston Salem homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Winston Salem can save about $18,000 on their electricity bills over 20 years.

For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Winston Salem

Year Return on Investment
1 years $-11,106
3 years $-8,534
5 years $-5,962
7 years $-3,389
9 years $-817
11 years $1,755
13 years $4,328
15 years $6,900
17 years $9,472
19 years $12,045
21 years $14,617
23 years $17,189
25 years $19,762

Top Solar Installers in Winston Salem

Trying to install solar panels yourself can be a time-consuming project, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over time by providing warranties, repairs and part replacements.

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

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 Winston Salem

Factors that Affect Solar Panel Costs in Winston Salem

Though the average cost of solar panels in Winston Salem is $12,393, your final cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.

Solar Equipment Size

When it comes to estimating the price of a solar energy system in Winston Salem, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,540 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Winston Salem average.

Solar Financing Terms

Most solar installers in Winston Salem provide solar loans, which reduce the initial cost of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating in Winston Salem, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that offers the products, warranties and services you want and also fit into your budget.

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

Solar Incentives in Winston Salem

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Duke Energy - NC Solar Rebate Program
Incentive Amount Residential: $0.60/W-AC
Nonresidential: $0.50/W-AC
Nonprofit: $0.75/W-AC
Incentive Max Residential: $6,000
Nonresidential: $50,000
Nonprofit: $75,000
Website Visit here
More Info Click here

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

Name PSNC Energy (Gas) - Green Building Rate Discount
Incentive Amount discount/therm based on seasonal values
Website Visit here
More Info Click here

Name Property Tax Abatement for Solar Electric Systems
Incentive Amount Residential systems: 100% of the appraised value
All other systems: 80% of the appraised value
More Info Click here

Name Local Option - Green Building Incentives
More Info Click here

How to Save on Solar Panels

The solar company you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:

  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which kind 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.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
  • Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, completion timeline rebates and warranties.
  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.

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 Winston Salem, NC Solar Cost FAQs

What is the average cost of installing solar panels in Winston Salem?

This is a hard question to answer exactly, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Is cost the most important consideration when buying solar panels?

Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

How much can I save on energy bills after installing solar panels?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Winston Salem, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Winston Salem?

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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