Solar Panel Cost Guide in Northlake, SC (2023 Update)
- Northlake Solar Installation Cost: $15,289
- 25-Year Savings: $31,332
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Northlake
Here's how much it might cost to switch to solar power in Northlake.
The average cost of solar panels in Northlake is 2.72 per watt. The average Northlake homeowner needs a 8.0-kilowatt system, which would cost about $15,289 with the federal tax credit, or $21,863 before the 30% tax credit is applied.
The actual price you pay can go higher or lower than the average in Northlake based on several factors, such as the type of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar panels is worth paying. On average Northlake homeowners see about $22,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Northlake
| Year | Return on Investment |
|---|---|
| 1 years | $-13,424 |
| 3 years | $-9,695 |
| 5 years | $-5,965 |
| 7 years | $-2,235 |
| 9 years | $1,495 |
| 11 years | $5,224 |
| 13 years | $8,954 |
| 15 years | $12,684 |
| 17 years | $16,414 |
| 19 years | $20,143 |
| 21 years | $23,873 |
| 23 years | $27,603 |
| 25 years | $31,332 |
Top Solar Installers in Northlake
Installing solar panels by yourself can be a dangerous project, which is why getting a solar installation company is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you choose which one will be best for your home.
If you're searching for a solar company in Northlake, the EcoWatch team has organized a list of our top suggestions here:
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 Northlake
Factors that Affect Solar Panel Costs in Northlake
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Northlake, 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 consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,720 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Northlake average.
Solar Financing Terms
Many homeowners find the average cost of solar in Northlake to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's crucial to keep that in mind 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 last significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Northlake, you'll have many options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically 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 extra 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 | $2.83 | $11,881 | $22,939 | 8.5 years |
| 8 kW | $2.77 | $15,537 | $30,890 | 8.4 years |
| 10 kW | $2.72 | $19,040 | $38,993 | 8.2 years |
| 12 kW | $2.67 | $22,391 | $47,248 | 8.0 years |
| 14 kW | $2.61 | $25,590 | $55,656 | 7.9 years |
| 16 kW | $2.56 | $28,636 | $64,216 | 7.7 years |
| 18 kW | $2.50 | $31,530 | $72,929 | 7.5 years |
| 20 kW | $2.45 | $34,272 | $81,794 | 7.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the company 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 things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
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 Northlake, SC Solar Cost FAQs
What is the average cost of installing solar panels in Northlake?
The average cost of solar panels in Northlake is about $13,600 for a 5-kW system and $27,200 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Northlake is currently $160,852, so you can look forward to a value of about $6,595 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Northlake is a fruitful investment.
How long do solar panels last in Northlake?
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 how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.