Solar Panel Cost Guide in Winston-Salem, NC (2024 Update)
- Winston-Salem Solar Installation Cost: $17,137
- 25-Year Savings: $19,753
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Winston-Salem
See how much it might cost to go solar in Winston-Salem.
In Winston-Salem, solar panels cost about 4 per watt on average.The average solar panel system size in Winston-Salem is around 7.0 kilowatts, meaning a cost of about $17,137 for a solar installation, or $24,506 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more.Despite the high upfront cost, the average Winston-Salem homeowner can save about $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Winston-Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-15,815 |
| 3 years | $-13,171 |
| 5 years | $-10,526 |
| 7 years | $-7,882 |
| 9 years | $-5,238 |
| 11 years | $-2,594 |
| 13 years | $51 |
| 15 years | $2,695 |
| 17 years | $5,339 |
| 19 years | $7,983 |
| 21 years | $10,627 |
| 23 years | $13,272 |
| 25 years | $15,916 |
Top Solar Installers in Winston-Salem
When going solar, many homeowners prefer to go with a solar installation company since handling can be a challenging project. Some solar installers, especially local ones, can help you take advantage of incentives in Winston-Salem, thereby optimizing your ROI.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Winston-Salem
Factors that Affect Solar Panel Costs in Winston-Salem
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Winston-Salem: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,510.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Winston-Salem, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Winston-Salem homeowners choose to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer 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 Winston-Salem, and each can charge different amounts for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that has 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 | $3.65 | $15,332 | $12,328 | 13.9 years |
| 8 kW | $3.58 | $20,049 | $16,831 | 13.6 years |
| 10 kW | $3.51 | $24,570 | $21,530 | 13.3 years |
| 12 kW | $3.44 | $28,894 | $26,426 | 13.1 years |
| 14 kW | $3.37 | $33,022 | $31,518 | 12.8 years |
| 16 kW | $3.30 | $36,953 | $36,807 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,293 | 12.3 years |
| 20 kW | $3.16 | $44,226 | $47,975 | 12.0 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Winston-Salem, NC Solar Cost FAQs
How much does it cost to install solar panels in Winston-Salem?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Winston-Salem?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase the value of your home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
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.